Olaplex is undergoing a strategic leadership overhaul as it strives to rebuild its brand and restore consumer trust. The hair-care company announced the appointment of Katie Gohman as Chief Marketing Officer and Catherine Dunleavy as joint Chief Operating Officer and Chief Financial Officer.
Brand tarnished in social media
Founded in 2014, Olaplex quickly became a darling of the industry thanks to its hair-bond-building technology, drawing praise from celebrities and consumers. But concerns over the removal of an ingredient in its products and allegations that its serums and other hair potions were actually causing more harm than good hurt the company’s brand in 2022, while its revenue began to decline as rival hair-care suppliers mounted growing competition. Last May, Olaplex reported a 13.1% decline in quarterly net sales from the same period the year before, following a 34.9% drop in net sales during 2023.
“Reset year”
In response to these challenges, Olaplex initiated in 2023 a “reset year” aimed at rebuilding its brand and regaining consumer confidence, nearly doubling its marketing budget to around $70 million. The appointment of Gohman and Dunleavy aligns with Olaplex’s broader revitalization strategy. “I am thrilled to welcome these two talented executives to OLAPLEX as we continue developing a strategy that is designed to harness OLAPLEX’s many strengths and enables our Company to achieve its true potential,” said Amanda Baldwin, Chief Executive Officer of Olaplex.
Rebuild its brand and restore consumer trust
Gohman, a veteran marketing executive with a proven track record in the beauty industry, brings a wealth of experience from her previous roles at L’Oréal, Coach, and Ralph Lauren. Her appointment is seen as a strategic move to bolster Olaplex’s marketing efforts and re-establish a strong connection with consumers. Dunleavy, a seasoned executive with a strong background in driving growth and operational efficiency, is expected to optimize Olaplex’s business operations and financial performance.
