Insider
- Olaplex's fourth-quarter sales fell nearly 22%, and the company expects the declines to continue into 2023.
- CEO JuE Wong said greater competition and "negative PR" hit the brand.
- Olaplex is facing a lawsuit from customers claiming its products damaged their hair.
Shares of direct-to-consumer brand Olaplex fell Tuesday after the company reported a quarterly sales decline and a worse-than-expected outlook for 2023.
Net sales at the hair care brand fell nearly 22% to $130.7 million during the fourth quarter of 2022. The decline occurred across online sales directly to consumers, sales through stylists, as well as at retailers. Adjusted net income was down 32% for the quarter.