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On Thursday, Amanda Baldwin, Olaplex’s new CEO, shared a new vision and course correction strategy during the struggling hair company’s fourth quarter 2023 earnings call.
Baldwin, formerly CEO of Supergoop, stepped into the chief executive role in mid-December 2023 after Olaplex’s former CEO, JuE Wong, stepped down in Oct. 2023. This is the first time Baldwin has spoken publicly in an earnings call about the company’s status under her tenure and her approach and plans. Overall, net sales for the quarter decreased 14.5% to $111.7 million, with the professional channel decreasing 22.7% to $42.5 million, direct-to-consumer decreasing 2.8% to $42.0 million and specialty retail decreasing 16.3% to $27.3 million. Net sales were $458 million for fiscal year 2023, a decrease of about 35% compared to 2022.
“I believe the headwinds were the result of the business growing too quickly [and] suffering from execution errors and not appropriately investing in the resources needed to best support the professional stylist community, develop the right capabilities and brand marketing, and prepare for the reality that often happens to a category creator: increasing competition,” said Baldwin on the earnings call.
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