THE WHAT? New Olaplex CEO, Amanda Baldwin has shared the company’s plans for future growth following a ‘challenging’ 2023. Indeed, FY2023 net sales dropped 34.9 percent to US$458.3 million versus the prior year.
THE DETAILS According to a report published by Business of Fashion, Baldwin summarized the issues the business has faced over the last year on an earnings call and outlined a comeback strategy. The hair care brand intends to focus to a greater extent on the professional stylist channel as well as invest in building brand equity and data-driven decision making.
THE WHY? Baldwin told investors, per Business of Fashion, “I believe the headwinds were the result of the business growing too quickly, suffering from execution errors, and not appropriately investing in the resources needed to best support the professional stylist community, develop the right capabilities and brand marketing and prepare for the reality that often happens to a category creator: increasing competition.”
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