On March 2, a reporter from Beijing News noticed that the hair care brand Olaplex announced its results for the whole year of 2023. During the period, the brand's net sales fell by 3493% to 4$5.8 billion; Profit before interest and tax decreased by 70% year-on-year3%；Net profit attributable to the parent company fell by 74% year-on-year77% to $61.59 million. Among them, the brand's net sales in the fourth quarter increased by **14 year-on-year5% to 1$1.2 billion.
By region, the brand's sales in the U.S. fell 47% year-on-year during the reporting period8%, and revenue in the international ex-U.S. business decreased by 183%。In terms of channels, the brand's sales in professional channels will decline by 40% year-on-year in 20231%；Specialty retail channel sales increased by 42 year-on-year6%；DTC channel sales decreased by 15% year-on-year.
Commenting on the 2023 results, Amanda Baldwin, CEO of Olaplex, said: "The decline was mainly due to rapid business growth, execution errors, and not properly investing the required resources. "Right now, we're planning to upgrade our visual merchandising and calculate our marketing ROI through data. ”
According to public information, Olapei was founded in the United States in 2014 and went public through an initial public offering in 2021. The brand's chief executive, Amanda Baldwin, took over in October last year after working at LVMH's consumer private equity ** L Catterton.
Edited by Tao Ye.
Proofread by Zhao Lin.
Cover picture Olaplex overseas *** screenshot.