Change at the Top: Olaplex CEO JuE Wong Announces Departure
Olaplex, the renowned hair care brand, is undergoing a significant change in its leadership. CEO JuE Wong, who has been at the helm since 2020, is stepping down. Amanda Baldwin, the former CEO of Supergoop, will take the reins early in 2024.
Olaplex’s Rise to Success
Olaplex achieved widespread acclaim, both among consumers and within salons, thanks to its patented chemistry that transformed “bond-building” into a fundamental category in haircare. The brand was riding high with a valuation of $13.6 billion at its IPO.
Recent Struggles and Challenges
Despite its initial triumph, Olaplex has faced adversity in recent times. Net sales took a sharp nosedive, dropping by 48.2% compared to the previous year. The brand’s stock price has plummeted by over 90% since its stock market debut. Further complicating matters, Olaplex has been embroiled in a class action lawsuit claiming that its products lead to hair loss.
Amanda Baldwin Takes the Helm
Amanda Baldwin, the incoming CEO, brings a wealth of beauty industry experience to her new role. Her impressive background includes roles at Dior Beauty and L Catterton, along with her tenure as CEO of the sunscreen company Supergoop. Her arrival marks a pivotal moment in Olaplex’s journey, and she is set to steer the brand toward long-term success.