Olaplex
| Company type | Public |
|---|---|
| |
| Industry | Professional hair care |
| Founded | 2014 |
| Founder | Dean Christal |
| Headquarters | Santa Barbara, California, U.S. |
Key people |
|
| Owner | Advent International |
| Website | olaplex |
Olaplex is a hair care brand founded in 2014 by Dean Christal.[1] The product was developed by two chemists, Eric Presley and Craig Hawker, and is advertised to rebuild broken bonds in hair caused by chemical, thermal, and mechanical damage.[2][3]
History
[edit]Olaplex was founded in 2014 by Dean Christal. In 2019, Olaplex was acquired by Advent International.
On 30 September 2021, Olaplex was listed on the Nasdaq, raising 1.5 billion dollars after selling 73.7 million shares.[4]
JuE Wong was the CEO from 2020 until 2023.[5][6] In October 2023, Olaplex announced that Amanda Baldwin, former CEO of Supergoop, would be taking over in 2024 as CEO of Olaplex.[6] John Bilbrey, executive chair on the board, will serve as interim CEO until 2024. [6][7]
Ingredients
[edit]All Olaplex products contain a patented ingredient called bis-aminopropyl diglycol dimaleate, with the aim of rebuilding broken hair disulfide bonds. [8]
Lawsuits
[edit]In 2015, as Olaplex started to take off, it started talks with L'Oréal about a potential take over. The deal never went through, but Olaplex then sued L'Oréal for stealing trade secrets shared as part of the acquisition process. L'Oréal was found guilty in 2019, but the appeal was overturned, and the two companies finally settled their differences outside of court.[9]
In February 2023, 28 women filed a lawsuit against Olaplex claiming that the products led to damaged hair and hair loss.[10] Part of the lawsuit stated that even after Olaplex reformulated their product to no longer include Lilial (a chemical that is potentially toxic for reproduction), they kept old product on the shelves and continued to sell it.[11] Olaplex published results from third-party testing to show the products are safe. [12] As of May 2023, no trial date had been set.[13] By June 2023, a proposed class action lawsuit had over 100 plaintiffs. U.S. District Judge R. Gary Klausner ruled that the claims were too different for it to be a class action lawsuit and the first-named plaintiff dismissed her case without prejudice.[11]
The 2023 lawsuits had a very negative impact on Olaplex' endorsements from the hairstylists' community, its sales, and the value of its share price (-89% by the end of 2023), a dramatic aftershock that had not been anticipated.[9]
References
[edit]- ^ "Advent-Owned Haircare Firm Olaplex Valued at $13.6 Billion in Upsized IPO". The Business of Fashion. 2021-09-30. Retrieved 2023-09-15.
- ^ "What is Olaplex and How Does It Keep Kim K's Hair Looking So Damn Good?". 18 April 2018.
- ^ "Celebrity-adored Olaplex has just added an epic new product collection! Here's a guide to the insanely popular hair heroes". 9 April 2021.
- ^ Edelson, Sharon. "Beauty Brand Olaplex Valued At $15 Billion After IPO, Will Explore New Hair Products". Forbes. Retrieved 2024-08-24.
- ^ Luce, Ivan De (2021-09-01). "How Olaplex grew from a cult haircare brand into a beauty staple seeking a $1.5 billion IPO". www.businessofbusiness.com. Retrieved 2023-10-03.
- ^ a b c "Olaplex CEO JuE Wong to Step Down". The Business of Fashion. 2023-10-12. Retrieved 2023-10-20.
- ^ Dawson, Gloria. "Olaplex's CEO, who once said hair loss complaints are 'sadly, a fact of life in our industry,' steps down". Business Insider. Retrieved 2023-10-20.
- ^ "Here's the Tea on the Olaplex Hair Treatment". 26 April 2018.
- ^ a b Bitter, Alex (2021-12-23). "The rise and fall of Olaplex". Business Insider. Retrieved 2024-08-24.
- ^ Archie, Ayana (16 February 2023). "Nearly 30 women are suing Olaplex, alleging products caused hair loss". npr. Retrieved 27 September 2023.
- ^ a b "Olaplex Lawsuit Guide 2023 – Forbes Advisor". www.forbes.com. Retrieved 2023-11-13.
- ^ "Olaplex products cause hair loss, lawsuit claims". BBC News. 2023-02-16. Retrieved 2023-10-03.
- ^ Zuritsky, Kate (2023-05-25). "Does Olaplex Really Cause Hair Loss? The Truth Behind the Lawsuit". Green Matters. Retrieved 2023-10-03.
