Insider
- Olaplex is losing ground with hairstylists, a key source of new customers for hair care products.
- The brand's sales through stylists fell 61% during its second quarter, which ended in June.
- CEO JuE Wong says a lawsuit about hair loss affected the brand's reputation at salons.
Olaplex's sales are continuing to fall, and a key source of purchases is leading the decline: hair salons.
The bond-building shampoo brand's sales fell 48% to $109 million during the second quarter that ended on June 30, the company reported on Tuesday. Olaplex also cut its projections for sales and profit for the rest of 2023.