It’s an experience that prepared her for her new job as CEO of Olaplex, which she began in December. The haircare brand, known for a science- and repair-driven approach to hair, helped kick off a boom in the category when it launched a decade ago. Baldwin, an alum of LVMH earlier in her career, credits the brand with creating the category of “bond-building” haircare, or how Olaplex refers to strengthening and repairing hair.
But the brand is at a different stage of its lifecycle now. It’s a more mature business with $458.3 million in sales in 2023—down a dramatic 34.9% from the year prior. (Olaplex went public in 2021 and was backed by private equity firm Advent International.) Olaplex is recovering from a lawsuit that alleged its products caused people to lose hair—the opposite of what the brand wants to be known for. The episode also lost Olaplex some of the stylists who are so important in the hair industry; the ones who recommend and sell products to their clients. (Baldwin says there has been “misinformation” and the brand is focused on the future.) And as more competitors enter the hair-repair category, Baldwin is seeking to help Olaplex become known for more than its initial products.
Courtesy of Olaplex
Still, Baldwin plans to rely on her category-building background to write Olaplex’s next chapter. “If you create a category, you have to continue to lead it, you have to continue to innovate, you have to continue to break the next boundary,” she says. Even when new players enter the space, “you’re the original, you’re the one that started the conversation,” she adds.
Last month, the brand introduced a new product for curly hair that was called its “biggest innovation in 10 years.” Her goal is to make clearer to Olaplex customers “what’s distinctive about our product” through both product innovation and marketing, finding the white space that Olaplex can own in the years ahead.
Moving from SPF to hair, Baldwin has enjoyed the emotional resonance of that work with customers. “Everybody relates to the idea of what a good hair day is. It’s an incredibly impactful, emotional category,” she says.
Emma Hinchliffe
emma.hinchliffe@fortune.com
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Nina Ajemian. Subscribe here.
ALSO IN THE HEADLINES
- IVF across borders. At least four out of seven fertility clinics in Alabama are working to ship embryos out of state after the state’s ruling that embryos were “unborn children.” Others are working to discard embryos out of state, worried about legal repercussions in Alabama. New York Times
- Court to court. WNBA player Dearica Hamby filed a lawsuit against the WNBA and her former team the Las Vegas Aces alleging unfair treatment when she was pregnant. The WNBA is aware of the suit and reviewing; the Aces did not respond to a request for comment. CNN
- Shifting strategy. General Motors, with chief executive officer Mary Barra, has been laying off its staff in China as part of a strategy shift and upcoming operations overhaul. The employees laid off were in market-related roles. In the coming weeks, GM and local partner SAIC Motor will be talking about potential capacity cuts. Bloomberg
- Hello, Dolly. Dolly Parton has announced the launch of her new makeup line Dolly Beauty; four lipsticks, with names referencing her song titles, will be available online starting Aug. 22 for $20 each. “Lord knows, nobody wears more makeup than me, so I know all the little things I want,” the country superstar says. WWD
MOVERS AND SHAKERS
As part of Starbucks’ CEO transition from Laxman Narasimhan to Chipotle boss Brian Niccol, Starbucks CFO Rachel Ruggeri will serve as interim CEO. Board chair Mellody Hobson will become lead independent director.
Chubb Limited, an insurance provider, named Annmarie Hagan as vice president, Chubb Group and chief financial officer of operations & technology and transformation. The company also appointed Mong-Diep “Dee” Le as chief auditor. Most recently, Hagan was vice president, Chubb Group and chief accounting officer. Le was executive vice president, global controller.
Razorfish, a marketing service, appointed Emily Schwinge to executive vice president, CRM practice lead. Most recently, she was senior vice president CRM practice lead at VML.
Prove, a digital identity company, appointed Linda Mantia to its board of directors. Most recently, she was chief operating officer at Manulife Financial Corporation.
ON MY RADAR
Kristen Faulkner, the former VC who just won two Olympic gold medals, talks leaving Silicon Valley behind to follow her cycling dreams Fortune
It’s my party, and I’ll take it seriously if I want to: How Partiful revived the evite USA Today
How do you market a domestic-violence movie? Not like It Ends With UsRolling Stone
PARTING WORDS
“I knew that ‘we told you so’ moment was coming. I knew it would come eventually.”
— Esther Wallace, founder of streetwear brand Playa Society, on her company taking off amid a boom in women’s sports
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