Olaplex: can science rebuild a beauty empire?

Amanda Baldwin inherited more than just a haircare brand when she took the helm at Olaplex earlier this year; she inherited a narrative of ambition, scandal, and a rapidly shifting market. Once the undisputed champion of bond-building technology, Olaplex now faces the formidable challenge of reclaiming its authority in a landscape where its own innovation has become commonplace.

The rise and fall (and potential rebound) of a beauty disruptor

For years, Olaplex was synonymous with a revolution in haircare. Launched in 2014, its patented technology—specifically relinking disulfide bonds within the hair structure—addressed damage at a molecular level, catapulting the brand to pandemic-era superstardom. Annual sales peaked at $704 million, fueled by fervent consumer demand and a perceived scientific edge. But the story took a sharp turn. Legal battles, a consumer lawsuit alleging adverse reactions to its products (since dismissed, but damaging nonetheless), and the proliferation of imitators eroded confidence and slowed growth. Sales plummeted to around $423 million in 2025, and the company’s stock price has suffered a precipitous decline, falling nearly 95% since its IPO in 2021.

Now, with Baldwin at the reins, the company is attempting a decisive reset. The acquisition by Advent International in 2019 and subsequent public offering were strategic moves that have since yielded mixed results, but the presence of German company Henkel reportedly eyeing a takeover earlier this year underscores the enduring allure of the Olaplex brand – and the potential for a significant turnaround.

Beyond the hype: reclaiming the science story

Baldwin isn't proposing a radical reinvention of Olaplex. Instead, her strategy focuses on reinforcing foundational elements that were, she believes, lost during a period of rapid expansion.