• Dyson for hair treatments.
• Lululemon for hair repair.

• Olaplex No. 0 Intensive Bond Building Treatment: A bond-building primer designed for deep repair when used as the first step in a two-part treatment with No. 3.
• Olaplex No. 3 Hair Perfector: An at-home pre-shampoo treatment that reduces breakage and visibly strengthens hair by repairing bonds.
• Olaplex No. 4 Bond Maintenance Shampoo: A daily use shampoo that repairs and protects hair from daily stresses while re-linking broken bonds.
• Olaplex No. 5 Bond Maintenance Conditioner: A daily use conditioner that hydrates, strengthens, and repairs hair without adding excess weight.
• Olaplex No. 6 Bond Smoother: A concentrated leave-in styling cream that tames frizz for up to 72 hours, hydrates, and protects all hair types.
• Olaplex No. 7 Bonding Oil: A highly concentrated, weightless reparative styling oil that increases shine, softness, and color vibrancy while minimizing flyaways.
• Olaplex No. 8 Bond Intense Moisture Mask: A highly concentrated reparative mask that adds shine, smoothness, and body while providing intense moisture to damaged hair.
• Olaplex No. 9 Bond Protector Nourishing Hair Serum: A weightless, leave-in serum that protects hair from pollution, heat damage, and breakage for up to 48 hours.

Olaplex (OLPX) Major Customers

Olaplex primarily sells its products to other companies, specifically major beauty retailers and professional beauty distributors. According to the company's financial disclosures, the most significant corporate customers for its retail products are:

• Sephora: A global prestige beauty retailer. Sephora is privately held and is a subsidiary of LVMH Moët Hennessy Louis Vuitton (Euronext: LVMH.PA / OTC: LVMUY).
• Ulta Beauty, Inc. (Symbol: ULTA): A leading beauty retailer in the United States.
• Nordstrom, Inc. (Symbol: JWN): An American luxury department store chain.

These three retailers collectively represent a substantial majority of Olaplex's net sales. While Olaplex also sells through a professional channel to salons and stylists, and directly to consumers via its own website, the listed retailers are its largest named corporate customers.

Amanda Baldwin, Chief Executive Officer

Amanda Baldwin joined Olaplex as Chief Executive Officer in December 2023. She began her career at Goldman Sachs in 2000 as an Analyst in Investment Banking. Prior to Olaplex, she served as CEO of Supergoop! since 2016, where she grew the company significantly, made it profitable, raised capital multiple times, and oversaw a "great exit" (sale). Her background also includes roles at Estee Lauder and LVMH (Dior Beauty), and she served as a Senior Vice President at L Catterton, a global consumer-focused investment fund, collaborating with management teams across their portfolio. She is a winner of the EY Entrepreneur of the Year.

Catherine Dunleavy, Chief Operating Officer and Chief Financial Officer

Catherine Dunleavy was appointed Olaplex's Chief Operating Officer and Chief Financial Officer, effective August 13, 2024. She brings over two decades of experience in consumer-facing brands. Her previous roles include President of the travel lifestyle brand Away, and prior to that, Chief Financial Officer at Away, which she joined in 2020. She spent three years at Nike, most recently as Vice President and CFO of Global Operations, Technology and Vice President, Strategic Investments. Earlier, she spent 16 years at Comcast and NBCUniversal in various financial leadership roles, including Chief Financial Officer of the Cable Entertainment Group. She began her career at General Electric.

Charlotte Watson, Chief Marketing Officer

Charlotte Watson serves as Olaplex's Chief Marketing Officer, a position she has held since January 2022. She has a diverse background in the fashion and beauty industries, having started her career in the LVMH fashion group. Prior to joining Olaplex, she was the global CMO for about three years at Hourglass Cosmetics. Her experience also includes senior marketing positions at global brands such as Pandora, Michael Kors, Kurt Geiger, Links of London, and Louis Vuitton.

John C. Duffy, General Counsel

John C. Duffy is the General Counsel for Olaplex Holdings, Inc. Before joining Olaplex, he was an attorney at the law firm of Cravath, Swaine & Moore LLP from 2009 to 2014, where he practiced corporate, transactional, and securities law. He holds a J.D. and M.B.A. from Duke University and a B.A. in Economics from Princeton University.

Trisha Fox, Chief People Officer

Trisha Fox serves as Olaplex's Chief People Officer. Her career includes key human resources leadership roles at several notable companies, such as PepsiCo, Fifth Third Bank, Dean Foods, and Shell Oil Company. She earned a Bachelor's degree in Human Resources from Indiana University of Pennsylvania and a Master's degree in Industrial and Labor Relations from West Virginia University.

The key risks to Olaplex (OLPX) primarily revolve around product-related litigation, intense market competition, and the long-term threat of patent expiration.

1. Product Liability Lawsuits and Brand Damage: Olaplex faces multiple lawsuits alleging that its products cause hair loss, scalp irritation, and other adverse effects. These legal actions also claim deceptive marketing practices and the inclusion of harmful chemicals, such as lilial (butylphenyl methylpropional), which has been banned in the European Union. Although a class action lawsuit was denied in 2023, individual claims are still anticipated, posing ongoing legal and financial risks and potentially damaging consumer trust and brand reputation.
2. Increased Competition and Market Dependence: Olaplex operates in a highly competitive hair care market, facing significant rivalry from established global brands like L'Oréal, Procter & Gamble, and Unilever, as well as emerging players such as K18 and Redken, which offer competing bond-building and repair products. The company's heavy reliance on the professional hair care market makes it vulnerable to economic downturns, changes in consumer behavior, and shifts in preferences towards alternatives or traditional conditioning treatments. This intense competition has contributed to declining sales and gross margins for Olaplex.
3. Intellectual Property Risks and Patent Expiration: While Olaplex's proprietary bond-building technology is protected by patents, providing a competitive advantage, the company is exposed to risks of patent challenges or infringement by competitors. A significant long-term risk is the expiration of its key patents, particularly around 2034, which could lead to a proliferation of cheaper generic alternatives and significantly erode Olaplex's market position and future profitability. The company has previously been involved in substantial litigation to defend its intellectual property, highlighting its importance to the business.

There are clear emerging threats to Olaplex, primarily stemming from heightened competition in the bond-building hair treatment segment:

• Direct Competitors with Alternative Bond-Building Technologies: Brands like K18 have emerged and rapidly gained market share with their own patented, distinct biomimetic peptide technology for hair repair. K18 directly competes for Olaplex's professional and consumer base, offering an alternative solution that many users and salons perceive as highly effective, eroding Olaplex's unique market position.

• Increased Focus from Established Beauty Conglomerates: Large beauty companies, such as L'Oréal (with lines like Redken Acidic Bonding Concentrate) and others, are intensifying their research, development, and marketing efforts in the bond-repair category. These companies possess vast resources for R&D, global distribution, and marketing, allowing them to introduce comparable or competitive products at scale and potentially at various price points, challenging Olaplex's premium positioning and market dominance.

Olaplex (OLPX) operates within the global haircare market, specifically targeting the prestige haircare segment with its bond-building hair treatment products, shampoos, conditioners, and styling solutions.

The estimated addressable markets for Olaplex's main products and services are:

• Global Retail Haircare Market: In 2023, consumers spent an estimated $91 billion globally on retail haircare products, with a projected compound annual growth rate (CAGR) of approximately 5% from 2023 to 2028.
• Global Prestige Haircare Market: This segment, in which Olaplex primarily operates, is forecasted to grow at a CAGR of approximately 6% globally from 2023 to 2028.
• U.S. Prestige Haircare Market: In the United States, prestige haircare sales reached $4.5 billion in 2024, showing a 9% increase compared to 2023.

Olaplex (OLPX) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

• New Product Innovation: Olaplex is investing in innovation and leveraging its acquisition of Purvala Bioscience to fuel its research and development pipeline, with upcoming product launches anticipated to support long-term growth. The company's Q3 2025 results reflected early positive outcomes from its latest new product introductions.
• International Market Expansion: The company is focusing on targeted international investments to stimulate growth, with international sales increasing by 7.1% in Q3 2025. This strategy aims to offset headwinds experienced in other retail channels.
• Strengthening the Professional Channel: Olaplex is committed to its "Pro-first" approach, implementing strategic initiatives, targeted events, and new educational materials to drive growth within its professional channel, which saw a 5.3% increase in net sales in Q3 2025.
• Strategic Marketing and Brand Building: Significant investments in sales, marketing, and brand-building initiatives are designed to enhance consumer awareness, consideration, and overall demand for Olaplex products. Early results indicate gains in brand health metrics, including awareness and Net Promoter Score.

Share Repurchases

• No information is available regarding explicit share repurchase programs or significant share buybacks by Olaplex over the last 3-5 years.

Share Issuance

• Olaplex completed its Initial Public Offering (IPO) on October 4, 2021. However, the company did not receive any proceeds from the sale of shares in this IPO, as all shares were offered by selling stockholders.
• Shares are regularly issued through the exercise of stock options and the vesting of restricted stock units, such as 377,899 shares issued in a period around 2025.
• The number of outstanding common shares was approximately 660.76 million as of February 23, 2024, and 664.62 million as of February 26, 2025.

Outbound Investments

• Olaplex acquired the biotech company Purvala in August 2025.
• This acquisition is aimed at fueling Olaplex's research and development pipeline and developing transformative bio-inspired technologies applicable across health and beauty industries.

Capital Expenditures

• Olaplex's capital expenditures were $0.03 million in 2020, $0.88 million in 2021, $0.65 million in 2022, $0.38 million in 2023, and $1.12 million in 2024.
• Projected capital expenditures are $2 million for 2025, 2026, and 2027, and $3 million for 2028 and 2029.
• These capital expenditures are estimated to be approximately 1% of revenue annually.