By Jarrett Banks
Hair-care products firm OLAPLEX (NASDAQ: OLPX) posted an increase in sales in the second quarter and maintained its guidance for the year.
Net sales increased 38.6% to $210.9 million. The company continues to shape and define the prestige haircare market with products designed to fix real hair problems from first use. The company maintained its guidance for the full year, it said in a statement.
“We continue to see strength in prestige beauty and the prestige hair care category as we believe consumers are prioritizing their own wellbeing – even during uncertain times,” said Jue Wong, OLAPLEX’s President and Chief Executive Officer. “We believe that our competitive advantages, leadership in a fast-growing, global category, and significant white space growth opportunities have us well positioned for future success.”
OLAPLEX paved the way for a new category of hair care called “bond-building,” the process of protecting, strengthening and rebuilding broken bonds in the hair during and after hair services.