Dive Brief:
- Following declining earnings results, Olaplex CEO JuE Wong is exiting the company, according to a Thursday press release.
- Wong will be succeeded by Amanda Baldwin effective early 2024 and Executive Chair of the Board JP Bilbrey will serve as interim CEO during the transition period. Baldwin is joining the hair care brand after serving as CEO of Supergoop and the executive will also serve on Olaplex’s board of directors. Supergoop did not immediately respond to requests for comment on its CEO replacement plans.
- Olaplex also reiterated guidance for fiscal year 2023, which was lowered in August. The company expects net sales between $445 million and $465 million and adjusted net income between $96 million and $108 million.
Dive Insight:
Baldwin is joining the prestige beauty brand during a year of declining sales and net income.
“Amanda is a leader in growing prestige beauty brands and we are delighted to welcome her as CEO of Olaplex,” Bilbrey said in a statement. “She is an effective and creative brand builder who deeply understands consumer insights and analytics. Her valuable mix of strengths across marketing, product development and execution make her the ideal person to position Olaplex for long-term success.”
Prior to joining Supergoop in 2016, Baldwin served in leadership positions at L Catterton, LVMH and Clinique.
Olaplex’s C-suite announcement comes after the brand reported second-quarter earnings in August, which showed revenue declined 48.2% year over year to $109.2 million. The brand’s net income dropped 93% from $87.7 million to $6.2 million, while its operating income was down over 84% to $18.8 million.
The hair care brand in March called fiscal 2023 a “reset year” for the company, which came after full-year 2022 net sales increased 17.7% year over year to $704.3 million and fourth-quarter net sales decreased 21.5% to $130.7 million. Expectations for lower sales stemmed from what the brand described as lower consumer demand. At the time, Wong said that Olaplex’s 2023 priorities included reinvesting in its core and increasing investments in sales, marketing and education.
