The bond building segment is undergoing a significant overhaul in 2024, as Olaplex’s recent brand challenges and an influx of new blood have shaken up the category like never before.
Olaplex has held a monopoly on bond builders for over 10 years, with products like its No3 Hair Perfector and No0 Intensive Bond Building Treatment which are still popular and remain viral hits on social media.
But a recent string of lawsuits claiming the brand’s products cause hair damage and loss, which the business has ferociously argued against, has proven how devastating negative PR can be to a brand's reputation.
Separately, Olaplex is also grappling with spiralling sales; its most recent Q3 results saw turnover sink 30% to US$123.6m.
“This is a lesson that however good your products are, brand is king,” says Iona Silverman, Intellectual Property and Media Partner at national law firm Freeths.
“Small chips to a brand will impact reputation which can then lead to large cracks, ultimately shattering share prices.”
Olaplex’s hold on the market is clearly wavering, but has its grip shifted enough to finally allow new players to step forward and stake their claim in the segment?
Silverman argues that this is
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