THE WHAT: Olaplex Holdings Inc. has revised its annual sales forecast downward due to reduced demand and growing competition.

THE DETAILS:  Previously, the company anticipated sales for fiscal 2023 to fall between $563 million to $634 million. However, the updated estimate places the figures at $445 million to $465 million. Olaplex’s CEO, Jue Wong, mentioned that retail channels witnessed a slump in demand and consequently, specific customers adjusted their inventory according to current market trends.

THE WHY: Olaplex aims to bolster its marketing efforts to combat the downturn and is determined to stabilize demand during the latter half of the year, as articulated by Wong.