Since Olaplex was founded in 2014 in a Californian garage, the company’s products are now sold in more than 100 countries, including Australia. The bond-strengthening hair pioneer counts Sephora as one of its best customers, in addition to professional hair distribution networks worldwide.
Private equity firm, Advent International, acquired Olaplex in 2019 and holds a hefty 80 per cent voting power through its stable of investors.
Last Friday, shares in Olaplex opened at US$25 – over 19 per cent higher than analysts’ estimates.
The strong debut of the IPO (intial public offering) values the brand at a market capitalisation of US$16 billion.
Olaplex posted a 90 per cent surge in sales in 2020 to US$281.3 million, followed by a 171 per cent increase in the first six months of this year to US$270.2 million.
JuE Wong, CEO of Olaplex, said that the strong market response is linked to the brand’s position as the skincare for haircare. “The visibility we get through the IPO will help brand building and brand awareness with the end consumer.
“The skinification of hair, the premiumisation of hair and the ritualisation of hair are gaining momentum. Olaplex is fortunate because we have the advantage of first mover, but we have really functional products, scientifically-backed patents, proven and patented formulas, which is all encompassing into a hair care technology system that delivers the healthiest hair possible.”