Olaplex presents Hair Serum #9
Hair careThe hottest player is adding a new product to their lineup.
Olaplex introduces its ninth retail SKU, No. 9 Bond Protector Nourishing Hair Serum. The product, which is free of silicones and claims both protection and styling, will launch March 31 on Olaplex’s website and with sephora.com. It is priced at $28.
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The launch comes at a time of explosive growth for the brand, which raised a $1.8 billion IPO last year, valuing the company at around $16 billion. In 2021, the brand more than doubled its net sales to $598.4 million.
As WWD reports, the brand is betting on international expansion, such as its partnerships with Sephora and in professional companies in Europe. It forecast between $796 million and $826 million in net sales for 2022.
“When Olaplex started in 2014, we didn’t launch anything new until four years later,” Olaplex CEO JuE Wong said, nodding to its shampoo and conditioner launches. “But as evidenced by NPD tracking data, we had the best shampoo and conditioner in 2021. It had longevity. Our goal when launching something is that it should be best in class, while being incremental and not cannibalizing our business.
During the brand’s latest earnings call, Wong named the No. 8 Bond Intense Moisture shampoo and conditioner as some of its top-selling products of 2021.
Despite the brand’s exponential increase in sales, its assortment remains tightly edited. “What we don’t want is sku proliferation, we want sku innovation,” Wong said. “And we see everything we do as having a processing component.”
The product also has a range of claims. Olaplex has tested the product to prove that it protects hair against pollution for 48 hours. It also uses red algae extract to provide UVA and UVB protection, along with the brand’s proprietary bonding technology. It also protects against heat damage.
“It also has curved retention memory and body retention memory when you style your hair,” Wong added. “I wish a customer could choose their diet. But at the same time, not having to swing between, say, #0 and #3. Our goal is to make it easier for existing customers, but also to continue to gain new customers for the Olaplex family. We are excited for this #9 launch because protection is the thing people are most concerned about besides fixing their hair. It gives them an option.
Wong posited that a streamlined yet customizable assortment was the best way to simplify buying decisions, adding that while other products have style advantages, they’re fundamentally different from No. 9.
“We wanted to make it easy for the consumer, that if they like our products and want to protect their hair, they don’t have to keep putting on other products to build it up because it can weigh the hair down,” added Wong. . “That’s why we encourage No. 6 [Bond Smoother] and no. 7 [Bonding Oil]. If you look at them, they are part of a styling regimen, but with different benefits. No. 9 is a nourishing serum, which protects you from pollution, and No. 6 and No. 7 moisturize your hair.
Wong did not comment on specific sales expectations for the serum, though industry sources expect her revenue to hit $15 million by the end of 2022.
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