Retail in Asia

In People

Olaplex names new CEO amid leadership reshuffle

Olaplex Holdings announced that Amanda Baldwin will join the hair care company as chief executive officer, effective by early 2024, succeeding JuE Wong.

SEE ALSO: Dyson names Deepika Padukone as new hair care tech ambassador

Baldwin will also join the U.S. firm’s board of directors. John Bilbrey, the California company’s executive chair of the board, will serve as interim CEO during the transition period.

A beauty and consumer industries veteran, Baldwin most recently served as chief executive officer of SPK skincare brand, since July 2016. Prior to to that, she served as a senior vice president at 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 Moet Hennessy and held several positions at Clinique, a part of The Estée Lauder Companies.

“On behalf of the entire board, I would like to thank JuE for her contributions to Olaplex,” said Bilbrey.

“She has been an industry leader and committed champion of the Olaplex brand over the past three years – creating market interest in the wholly new bond-building space within the prestige beauty category while guiding the company through major milestones including navigating our initial public offering and scaling Olaplex to an international brand. We greatly appreciate her collaborative partnership and wish her all the best in the future.”

Founded in 2014, Olaplex is a prestige hair care brand that makes products using innovative bond-building technology. With ingredients that work on a molecular level to protect and repair damaged hair, its products are sold through professional, specialty retail and direct-to-consumer channels.

“Olaplex stands apart as a category creator redefining what is possible through the combination of beauty and science,” said 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, the Board and the remarkable team at Olaplex to best position the company to achieve long-term growth.”

Wong’s departure comes on the back of a dismal financial year for the firm. Most recently, net sales were USD 109.2 million, down 48.2 percent for the three months ending June 30, with net income slashed to USD 6.2 million, from USD 87.7 million in the prior-year period.