Olaplex hair repair-focused products. Instagram/@olaplex.
The Santa Barbara, California-based beauty brand known for its premium hair repair products plans to list its shares on Nasdaq under the symbol OLPX.
Amid the challenges of the coronavirus pandemic the company reported net sales of $282.3 million in 2020, a 90 percent year-on-year increase, and EBITDA growing 98% over the period to reach $199.3 million, the regulatory filing shows. For the first 6 months of 2021, net sales have totalled $270.2 million.
Dean and Darcy Christal founded Olaplex in 2014, selling it to private equity firm Advent International in November 2019 for an undisclosed amount. Mousse Partners is also named in the IPO filing as a shareholder with a stake over 5 percent.
The company is considering plans to expand into adjacent categories such as skincare, along with new haircare products, according to the filing.
As interest in self-care and wellness surges, brands and consumers are applying ingredient formulations and rituals associated with skin care to hair care regimes.