Olaplex CEO JuE Wong to Step Indisposed

Olaplex is changing its leading government because the haircare emblem confronts a well-dressed slide in gross sales.

JuE Wong, who had led the emblem since 2020, and oversaw its preliminary community providing please see time, is stepping indisposed. Her successor, former Supergoop CEO Amanda Stanley Baldwin, will secured in early 2024. Till her arrival, the corporate’s government chair of the board, John Bilbrey, will provide as period in-between leading government.

Olaplex loved splendid good fortune with each shoppers and in salons with its patented chemistry that became “bond-building” right into a bona fide haircare division. The corporate used to be valued at $13.6 billion at its IPO. Then again, the emblem has struggled since upcoming. In August, the corporate lowered its fiscal time outlook as internet gross sales slumped via 48.2 p.c in comparison to the similar duration ultimate time. Olaplex’s secure value is indisposed greater than 90 p.c from the place it began buying and selling two years in the past. Olaplex has additionally been dogged via sinful exposure stemming from a category motion lawsuit alleging its merchandise purpose hair loss. Wong previously dismissed the lawsuit to The Trade of Attractiveness as “frivolous”.Stanley Baldwin is a seasoned attractiveness government, with stints at Dior Attractiveness, the place she led the omnichannel business plan, and the consumer-focussed funding charity L Catterton, the place she used to be a senior vp. Maximum not too long ago, Stanley Baldwin has served as leading government officer on the sunscreen corporate Supergoop since July 2016.

In a observation, Stanley Baldwin describes her arrival as coming at a “pivotal time in [Olaplex’s] evolution”, presen Bilbrey stated that Stanley Baldwin’s strengths in advertising and marketing, product building and execution, “make her the ideal person to position Olaplex for long-term success.”

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Can Olaplex Reclaim the Narrative?

The frequent hair lend a hand emblem, at one level valued at over $10 billion, constructed a formidable population of superfans with its book elements and claims to revive damaged bonds. However stiff festival and unhappy shoppers have taken a toll. CEO JuE Wong speaks to BoF about Olaplex’s pace.