JuE Wong exits Olaplex as the haircare brand struggles to regain footing amid a lawsuit and sinking share price. She will be succeeded by Amanda Baldwin, Chief Executive Officer of Supergoop!, in early 2024. Olaplex Executive Chairman John Bilbrey will serve as interim CEO during the transition.
Olaplex was founded in 2014 by beauty industry veterans Dean and Darcy Christal, who commercialized a revolutionary, patented technology that protects and repairs hair from damage, pioneering the bond-building category. In November 2020, Advent International acquired Olaplex at a reported billion-dollar valuation, taking the business public in September of 2021, beating market expectations and raising over $1.55 billion at a $13.6 billion valuation.
Since the buzzy IPO, Olaplex has been struggling amid increased competition and a lawsuit claiming the product causes damage and hair loss. The company's shares have sunk to an all-time low since trading began, losing two-thirds of their value since the beginning of the year, and the stock price is down more than 90% from two years ago. The stock got a boost from a Barclays upgrade earlier this month, with analysts believing the business can stabilize.
In August, the company adjusted its fiscal year outlook as net sales decreased $109.2 million, down 48.2%. The professional channel decreased 61.2%, direct-to-consumer down 6.4%, and specialty retail fell 53.7%. Net sales projections were revised to $445–$465 million for fiscal year 2023, approximately $144 million lower than its previous forecast.
JuE Wong joined the brand in 2020, leading it through the IPO, the pandemic, the viral ingredient moment about lilial, and the hair loss lawsuit. Through all of it, Wong has tackled the issues head-on, often taking to social media and putting herself in the crosshairs.
"It has been an honor to lead Olaplex through so many significant moments over the past three-plus years," said Wong, who joined Olaplex in 2020 from Moroccanoil, an argan oil–based hair and body brand, where she was CEO. Before that she held roles as President of Elizabeth Arden, CEO of StriVectin, and CEO of Astral Health. "My time with the company has been an incredible ride, and I appreciate the opportunity to help serve our team, partners, creators and professional stylists—all of whom have played a special role in our success. I can't wait to see all that Olaplex accomplishes in the years to come and will remain a loyal and committed champion of the brand."
"Amanda is a leader in growing prestige beauty brands and we are delighted to welcome her as CEO of Olaplex," said John Bilbrey. “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. I look forward to working with her and the talented Olaplex team to continue building the business while ensuring a seamless leadership transition."
"Olaplex stands apart as a category creator redefining what is possible through the combination of beauty and science," said Amanda Baldwin. "I see tremendous opportunity to help the brand and the business reach their full potential by further deepening engagement with stylists, retailers and consumers through breakthrough product innovation, sharp storytelling and a dynamic global omnichannel strategy. It is a privilege to join the Company at this pivotal time in its evolution and I am excited to get to work with JP [Bilbrey], the Board and the remarkable team at Olaplex to best position the Company to achieve long-term growth."
Set to take the reins in 2024, Baldwin has extensive experience in leadership roles in the beauty and consumer industries, most recently serving as Chief Executive Officer of leading SPF skincare brand Supergoop! since July 2016. Prior to joining Supergoop!, Baldwin served as a Senior Vice President at global consumer-focused investment fund L Catterton, collaborating with management teams across the portfolio with a particular focus on the beauty sector. She previously led the omnichannel marketing strategy of Dior Beauty at Louis Vuitton Moët Hennessy (LVMH) and held several positions at Clinique, a part of The Estée Lauder Companies.
