08.30.21
Haircare company Olaplex Holdings has filed with the US Securities and Exchange Commission (SEC) to raise up to $100 million in an initial public offering.
Olaplex, which sells its products to professionals as well as to specialty retail and direct-to-consumer, plans to list on the Nasdaq under the symbol OLPX.
In its filing on Friday, Aug. 27, 2021, Olaplex said net sales increased from $148.2 million in 2019 to $282.3 million in 2020, representing a 90% increase.
According to the company, one of its Hair Perfector products is sold every five seconds.
Olaplex was founded in 2014 by Dean and Darcy Christal. In 2019, it was acquired by Advent International. When the acquisition was completed in January 2020, JuE Wong was named chief executive officer.
Earlier this month, the US Court of Appeals for the Federal Circuit vacated a $66 million judgement that Olaplex had won against L’Oréal for trade secret misappropriation, breach of a non-disclosure agreement and patent infringement. The Court overturned a ruling that L’Oreal USA Inc and its affiliates infringed Olaplex Inc’s patent on a less-damaging method of bleaching hair, and remanded the case for trial in US District Court in Delaware. Most portions of the two patents that Olaplex’s predecessors accused L’Oreal of infringing in their 2016 lawsuit have since been invalidated by the Patent Trial and Appeal Board, leaving only Olaplex’s claims that its method reduces breakage from a single bleaching session.
Olaplex plans to appeal that court decision.
Olaplex, which sells its products to professionals as well as to specialty retail and direct-to-consumer, plans to list on the Nasdaq under the symbol OLPX.
In its filing on Friday, Aug. 27, 2021, Olaplex said net sales increased from $148.2 million in 2019 to $282.3 million in 2020, representing a 90% increase.
According to the company, one of its Hair Perfector products is sold every five seconds.
Olaplex was founded in 2014 by Dean and Darcy Christal. In 2019, it was acquired by Advent International. When the acquisition was completed in January 2020, JuE Wong was named chief executive officer.
Earlier this month, the US Court of Appeals for the Federal Circuit vacated a $66 million judgement that Olaplex had won against L’Oréal for trade secret misappropriation, breach of a non-disclosure agreement and patent infringement. The Court overturned a ruling that L’Oreal USA Inc and its affiliates infringed Olaplex Inc’s patent on a less-damaging method of bleaching hair, and remanded the case for trial in US District Court in Delaware. Most portions of the two patents that Olaplex’s predecessors accused L’Oreal of infringing in their 2016 lawsuit have since been invalidated by the Patent Trial and Appeal Board, leaving only Olaplex’s claims that its method reduces breakage from a single bleaching session.
Olaplex plans to appeal that court decision.