Olaplex, the haircare brand renowned for pioneering bonding technology, recently released its fourth-quarter and fiscal year 2023 results, showcasing the company’s performance over the past year.

In the release, published by Olaplex Holdings, Inc., the company revealed disappointing figures for the fourth quarter and fiscal year ended December 31, 2023.

For the fourth quarter of 2023, Olaplex saw a 14.5% decrease in net sales, with the United States experiencing a considerable 27.9% drop while international sales saw a marginal decline. The company’s performance across various sales channels, including professional, direct-to-consumer, and specialty retail, all suffered notable decreases, reflecting a lacklustre response from consumers. Additionally, net income plummeted by 58.1%, and adjusted net income decreased by 53.9%, highlighting the financial struggles faced by Olaplex during this period.

Image: Olaplex

Looking at the fiscal year 2023 compared to 2022, net sales decreased 34.9% to $458.3 million. The United States market bore the brunt of this decline with a sharp 47.8% drop, while international sales also saw a significant decrease. The decline was observed across all sales channels, from professional to direct-to-consumer, underscoring a declining lack of consumer interest.

Despite disappointing figures, Olaplex’s Chief Executive Officer, Amanda Baldwin, was optimistic, stating that the fourth-quarter performance was in line with expectations and represented a step towards stabilising demand trends. Baldwin expressed confidence in the brand’s foundation and outlining priorities for the year ahead to drive consistent sales and profit growth.

Main image: Olaplex