Advent International-backed Olaplex, the cult haircare brand that pioneered the bond-building market, made its debut on the public market, beating expectations and raising over $1.55 billion.
WHO: Olaplex was founded in 2014 by beauty industry veterans Dean and Darcy Christal, who commercialized a revolutionary, patented technology that works on a molecular level to protect and repair hair from damage. Olaplex, considered a pioneer in the bond-building category became a global sensation, selling product through both the professional and consumer channels. Private equity firm Advent International acquired the business in 2019.
WHY: The company will focus on growing its existing business and explore adjacent categories such as skin and nail care.
IN THEIR OWN WORDS: "The hair care and consumer business is very much resonating with investors," Olaplex Chief Executive Officer JuE Wong said in an interview. "Hair care is a movement."
“Hair care as a beauty category has always been a little bit of a stepchild," Wong said. "Through the pandemic, it really had an opportunity to shine. Today, we see hair care almost like skincare with the ritualization of haircare. Women are willing to pay a premium.”
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