【和訳：FORM-S1】Olaplex Holdings, Inc.（OLPX）オラプレックス #目論見書
As filed with the Securities and Exchange Commission on August 27, 2021.
2021年8月27日に米国証券取引委員会に提出されたものです。
Company Overview 会社概要
OLAPLEX: Our Mission to Improve Hair Health 髪の健康を改善する私たちの使命
OLAPLEX: Our Mission to Improve Hair Health
OLAPLEX is an innovative, science-enabled, technology-driven beauty company. We are founded on the principle of delivering effective, patented and proven performance in the categories where we compete. We strive to empower our consumers to look as beautiful on the outside as they feel on the inside.
OLAPLEXは、革新的で、科学を駆使し、テクノロジーを駆使した美容企業です。私たちは、競合するカテゴリーにおいて、効果的で特許を取得した実証済みのパフォーマンスを提供するという原則のもとに設立されました。私たちは、消費者が内面で感じるのと同じように外見も美しくなるよう、力を与えることに努めています。
We believe every person deserves to have healthy, beautiful hair, whether they are visiting a salon or caring for their hair at home. Our commitment to deliver results that are visible on first use, coupled with our strong sense of community across both professional hairstylists and consumers, has driven tremendous brand loyalty. We offer our award-winning products through a global omni-channel platform serving the professional, specialty retail, and DTC channels.
Science-Backed Brand that Attracts a Loyal and Engaged Community 科学に裏打ちされたブランドは、忠実で魅力的なコミュニティを魅了する
Science-Backed Brand that Attracts a Loyal and Engaged Community
We offer science-backed solutions that improve hair health and are trusted by stylists and consumers. We identify our consumers’ most relevant haircare concerns in collaboration with our passionate and highly engaged community of professional hairstylists and consumers, and strive to address them through our proprietary technology and innovation capabilities. Our deep roots in the professional haircare community and strong ties with our global network of hairstylists creates a continuous feedback loop, providing unique insight into the hair health goals and concerns of our consumers. Our hairstylists are our strongest advocates; they have grown with our business since our founding in 2014, and through mutual support, we have empowered them to connect with their clients and to champion our brand through an engaged and active social community. This community also provides insight into consumer needs and positions OLAPLEX to leverage our research and development platform to respond to consumers’ demands for improved hair health by creating high-quality products that result in healthy, beautiful hair. Results have validated our approach. We believe over 90% of our consumers think OLAPLEX products make their hair healthier, which we believe is among the highest ratings compared to competitors in this category. Moreover, we believe OLAPLEX’s professional net promoter score of 71% as of April 2021 is the highest in our brand category and well above the average score for in our category. The quality of our products, combined with our community-driven approach to engaging with both professional hairstylists and our consumers, have created a strong and loyal following for OLAPLEX that we believe provides a unique competitive advantage and foundation for growth.
私たちは、スタイリストや消費者から信頼され、髪の健康を改善する科学的な裏付けのあるソリューションを提供しています。私たちは、プロのヘアスタイリストや消費者からなる熱狂的なコミュニティと連携して、消費者のヘアケアに関する悩みを特定し、独自のテクノロジーとイノベーション能力によって、その解決に努めています。私たちは、プロのヘアケアコミュニティに深く根ざし、世界中のヘアスタイリストとの強い結びつきによって、継続的なフィードバックループを生み出し、消費者のヘアケアの目標や懸念に対する独自の知見を提供しています。ヘアスタイリストは、2014年の創業以来、当社のビジネスとともに成長し、相互支援を通じて、顧客とつながり、熱心で活発なソーシャルコミュニティを通じて当社のブランドを支持する力を与えてきました。このコミュニティはまた、消費者ニーズに対する洞察を提供し、オラップレックスが研究開発プラットフォームを活用し、健康で美しい髪をもたらす高品質の製品を作ることで、髪の健康改善を求める消費者の要望に応えられるよう位置づけています。結果は、私たちのアプローチの有効性を証明しています。90%以上の消費者が、OLAPLEX製品によって髪が健康になると考えており、これはこのカテゴリーの競合他社と比較して最も高い評価であると確信しています。さらに、2021年4月現在、OLAPLEXのプロフェッショナル・ネット・プロモーター・スコアは71％で、このブランドのカテゴリーで最も高く、このカテゴリーの平均スコアも大きく上回っていると考えています。OLAPLEXは、製品の品質と、プロのヘアスタイリストと消費者の双方を取り込むコミュニティ主導のアプローチにより、強力で忠実なファンを生み出し、独自の競争優位性と成長の基盤を提供するものと考えています。
High Performance Products Proven by Science 科学で証明された高機能製品
High Performance Products Proven by Science
OLAPLEX disrupted and revolutionized the professional haircare industry by creating the bond building category in 2014. We have grown from an initial offering of three products sold exclusively through the professional channel to a broader suite of products offered through the professional, specialty retail and DTC channels that have been strategically developed to address three key uses: treatment, maintenance, and protection. Our unique bond building technology is able to repair disulfide bonds in human hair that are destroyed via chemical, thermal, mechanical, environmental and aging processes. We have strategically expanded our product line over time to create a self-care routine that our consumers look forward to and rely upon on a daily basis. Our current product portfolio comprises nine unique, complementary products specifically developed to provide a holistic regimen for hair health. Our proprietary, patent-protected ingredient, Bis-amino, serves as the common thread across our products and is a key differentiator in our ability to create trusted, high-quality products. Underpinning our product range is a portfolio of more than 100 patents which protect our proprietary technology and, we believe, create both barriers to entry and a foundation for entry into adjacent categories over time, especially given our patent claims are broadly drafted and include claims covering applications across adjacent categories in haircare, and also in skin care and nail health for example. Our current hair health platform is presented below and is championed by two products that can be purchased only through professional hairstylists, No.1 and No.2. These two products often serve as an introduction to our brand and a gateway to seven additional products that can be used both at home and in the salon.
OLAPLEXは、2014年にボンドビルディングカテゴリーを創設し、プロフェッショナルヘアケア業界を破壊し、革命を起こしました。当初はプロフェッショナルチャネルのみで販売される3製品から、プロフェッショナル、専門店、DTCチャネルを通じて提供される幅広い製品群へと成長し、トリートメント、メンテナンス、プロテクションという3つの主要用途に対応するために戦略的に開発されました。当社独自の結合形成技術は、化学的、熱的、機械的、環境的、加齢によって破壊された人毛のジスルフィド結合を修復することが可能です。私たちは、消費者が毎日楽しみにし、頼りにするセルフケアの習慣を作るために、時間をかけて戦略的に製品ラインを拡大してきました。現在の製品ラインアップは、髪の健康のためのホリスティックな養生法を提供するために開発された、9つのユニークで相互補完的な製品で構成されています。特許で保護された当社独自の成分であるビスアミノは、当社の製品に共通する要素であり、信頼できる高品質の製品を生み出す上で重要な差別化要因となっています。当社の製品群を支えているのは、当社独自の技術を保護する100件以上の特許ポートフォリオです。当社の特許請求の範囲は幅広く、ヘアケア、スキンケア、ネイルヘルスなどの隣接するカテゴリーにまたがる用途をカバーする請求項を含んでいることから、時間の経過とともに隣接カテゴリーへの参入障壁と参入のための基盤の両方を作り出すことができると考えています。現在のヘアヘルスプラットフォームは、プロのヘアスタイリストだけが購入できる2つの製品、No.1 と No.2 によって支えられています。この2つの製品は、ブランドの紹介と、自宅とサロンの両方で使用できる7つの追加製品への入り口としてよく使用されています。
Our Products 製品
Synergistic Channel Strategy Underpinned by Our Omni-Channel Approach オムニチャネルを基盤とした相乗的なチャネル戦略
Synergistic Channel Strategy Underpinned by Our Omni-Channel Approach
We have developed a cohesive and synergistic distribution strategy that leverages the strength of each of our channels, including the specific attributes of each channel as depicted below, and our strong digital capabilities that we apply across our omni-channel sales platform.
私たちは、以下のような各チャネルの特性や、オムニチャネルの販売プラットフォームに適用される強力なデジタル技術などの強みを活用し、一貫性のある相乗的な流通戦略を構築しています。
We launched our first product in 2014 through the professional channel in order to build trust and support within the hairstylist community. Our professional channel, which includes both products used by hairstylists in-salon and products sold by hairstylists to consumers for use at home, comprised 55% of our 2020 total net sales and grew 59% from 2019 to 2020. The professional channel serves as the foundation for our brand, validating the quality of our products and influencing our consumers’ purchasing decisions. We believe the leading factor that drives purchasing decisions of haircare products is the recommendation from consumers’ stylists, exceeding other factors such as celebrity endorsements, advertisements online or in traditional media. We also believe that use of a particular product by hairstylists is the #1 driver of consumer brand awareness.
In 2018, as OLAPLEX continued to grow, we established our retail presence through expansion into the DTC channel and specialty retail channel (principally Sephora), both of which have continued to grow as we have developed our omni-channel platform. Our specialty retail channel grew 75% from 2019 to 2020, representing 18% of our 2020 total net sales. Our DTC channel, comprised of OLAPLEX.com and sales through third-party e-commerce platforms, grew 260% from 2019 to 2020, and represented 27% of our 2020 total net sales. This channel also provides us with the opportunity to engage directly with our consumers to help create a feedback loop that drives our decisions around new product development.
Since our first product launch, we have focused on developing clean, technology-based beauty products and created powerful engagement between professional hairstylists and our consumers, which has driven strong organic growth.
Commitment to Social and Environmental Consciousness 社会と環境配慮へのコミットメント
Commitment to Social and Environmental Consciousness
We are passionate about promoting wellness, starting with the integrity of your hair and extending to supporting our communities and minimizing our impact on the environment, allowing us to drive social and environmental awareness in the beauty industry.
私たちは、髪の健康から始まり、地域社会への支援、環境への影響の最小化まで、健康増進に情熱を注ぎ、美容業界における社会と環境への配慮を推進します。
・ Supporting Small Businesses. We are invested in the success of our hairstylist community as their businesses grow alongside ours. We are especially focused on providing support to the small business community and minority hairstylists; currently 98% of our salon community are small businesses and a meaningful percentage of our hairstylists are racial or ethnic minorities. During the height of the COVID-19 pandemic in 2020, we implemented several initiatives to support hairstylists during salon closures. One example is our Affiliate Program that allowed hairstylists to connect with their consumers and generate income by selling OLAPLEX products for at-home use. This program generated more than $300,000 in income for our professional hairstylist community during a time when their salons were closed.
私たちは、ヘアスタイリストのコミュニティが私たちのビジネスとともに成長し、成功することに投資しています。現在、サロンコミュニティの98％が小規模企業であり、ヘアスタイリストのかなりの割合が人種的・民族的マイノリティです。2020年のCOVID-19の大流行時には、サロン閉鎖中のヘアスタイリストをサポートするためにいくつかのイニシアチブを実施しました。その一例が、ヘアスタイリストが消費者とつながり、家庭用OLAPLEX製品を販売することで収入を得ることができるアフィリエイトプログラムです。このプログラムは、サロンが閉鎖された期間中に、プロのヘアスタイリストに30万ドル以上の収入をもたらしました。
・ Diversity, Equity, and Inclusion. We believe it is important that our employees reflect the diversity of our hairstylist and consumer community. Our DEI initiatives focus on promoting a workplace of inclusion and acceptance. As a result of our efforts, we have created a diverse workplace environment with 77% of our employees identifying as female and 41% identifying as non-white, as of June 30, 2021. We are especially proud that our diverse workforce mirrors the community of professional hairstylists we serve, of which 92% identify as women and 37% identify as African American, Asian or Latino. Many of our current Olaplex employees are former stylists whose unique perspectives and insights have helped us better understand our diverse consumer base and what matters to them. We believe our shared commitment to diversity helps us better understand our professional consumer base and connect with the hairstylist community. We are also proud of the fact that an employee survey from February 2021 found that 90% of our employees agree that we have an inclusive environment that makes them feel comfortable bringing their true selves to work.
私たちは、従業員がヘアスタイリストと消費者コミュニティの多様性を反映することが重要であると考えています。私たちのDEIイニシアチブは、インクルージョンとアクセプタンスの職場環境を促進することに重点を置いています。その結果、2021年6月30日現在、従業員の77％が女性、41％が非白人という、多様な職場環境を実現しています。特に、92％が女性、37％がアフリカ系アメリカ人、アジア系、ラテン系と、多様な従業員がプロのヘアスタイリストのコミュニティと同じであることを誇りにしています。現在のオラプレックス社員の多くは元スタイリストで、そのユニークな視点と洞察力は、多様な消費者ベースと彼らにとって何が重要かをよりよく理解するのに役立っています。私たちは、多様性への共通のコミットメントが、プロの消費者ベースをよりよく理解し、ヘアスタイリストのコミュニティとのつながりを深めるのに役立つと考えています。また、2021年2月の社員アンケートでは、90％の社員が、本来の自分らしさを発揮しやすいインクルーシブな環境であることに同意していることも、私たちの誇りとするところです。
・ Environmental Sustainability. We continue to explore ways to reduce our carbon footprint and contribute to a more sustainable future for our planet. By taking preventative measures, we’re able to lighten our carbon footprint and do our part in making the world a better place. One of our key initiatives is to reduce the impact of packaging. We are focused on limiting the use of secondary packaging in which our products are sold. By pursuing these packaging reduction initiatives, we believe that between 2015 to 2021 we avoided the use of approximately 2.9 million pounds of paper packaging, which we believe prevented approximately 23 million pounds of greenhouse gas from being emitted into the environment, conserved approximately 37 million gallons of water and saved approximately 29,000 trees from deforestation, as compared to manufacturing, packaging and distribution alternatives. In addition, we strive to produce clean products that exclude certain harmful ingredients. These efforts are well recognized in the industry. As of July 2021, OLAPLEX is one of only 21 haircare brands (out of 52 total haircare bands sold by Sephora) accredited with the “Clean at Sephora” designation, as of July 31, 2021, which is defined as products that are free from over 50 ingredients including sulfates, parabens, phthalates, mineral oil, and formaldehyde.
私たちは、二酸化炭素排出量を削減し、地球のより持続可能な未来に貢献する方法を模索し続けています。予防策を講じることで、私たちは二酸化炭素排出量を削減し、世界をより良い場所にするための役割を果たすことができます。私たちの重要な取り組みのひとつに、パッケージングの影響を軽減することがあります。私たちは、製品を販売する際の二次包装の使用を制限することに重点を置いています。こうした包装材削減の取り組みを進めることで、2015年から2021年の間に、製造、包装、流通の代替品と比較して、約290万ポンドの紙製包装材の使用を回避し、約2300万ポンドの温室効果ガスの環境放出を防ぎ、約3700万ガロンの水を節約し、約2万9000本の木を森林破壊から救ったと私たちは確信しています。さらに、私たちは特定の有害な成分を排除したクリーンな製品の製造に努めています。これらの努力は、業界でも高く評価されています。OLAPLEXは、2021年7月31日現在、硫酸塩、パラベン、フタル酸エステル、鉱物油、ホルムアルデヒドなど50以上の成分を含まない製品と定義される「Clean at Sephora」の認定を受けたわずか21のヘアケアブランド（セフォラで販売する全52ヘアケアバンド中）の1つです。
Scaled and Nimble Supply Chain 拡張性と機動性に優れたサプライチェーン
Scaled and Nimble Supply Chain
We have developed a flexible and resilient supply chain, designed to support long-term growth at scale. A core tenet of this strategy is leveraging strong partnerships with our co-manufacturers and distributors to create an expansive supply network with ample capacity without significant additional capital investment. Maintaining an asset-light business model has helped us to generate strong free cash flow.
当社は、規模を拡大した長期的な成長を支えるために、柔軟で弾力性のあるサプライチェーンを構築しています。この戦略の中核となるのは、共同製造業者や販売業者との強力なパートナーシップを活用し、多額の追加資本投資なしに十分な容量を持つ広範な供給網を構築することです。資産の少ないビジネスモデルを維持することで、当社は強力なフリー・キャッシュ・フローを生み出しています。
Robust Financial Performance
The strength of our business model and ability to scale have created a compelling financial profile characterized by revenue growth and very strong profitability over the past two years that we believe is among the best in our industry. Our net sales increased from $148.2 million in 2019 to $282.3 million in 2020, representing a 90% increase. Our net income decreased from $60.9 million in 2019 to $39.3 million in 2020, representing a 36% decrease, primarily as a result of interest expense on debt incurred in January 2020 upon the Acquisition, and our adjusted net income increased from $100.5 million in 2019 to $131.1 million in 2020, representing a 30% increase. We have experienced robust adjusted EBITDA growth over the past year, increasing our adjusted EBITDA from $100.5 million in 2019 to $199.3 million in 2020, representing a 98% increase, and an increase in our adjusted EBITDA margins from 68% in 2019 to 71% in 2020. We have continued to see strong momentum in our business, with net sales increasing from $99.6 million for the six months ended June 30, 2020 to $270.2 million for the six months ended June 30, 2021, representing an increase of 171%, and net income increasing from net loss of $22.4 million for the six months ended June 30, 2020 to net income of $94.9 million for the six months ended June 30, 2021. Our adjusted EBITDA margins continue to be robust, remaining at 71% for the six months ended June 30, 2021. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional information regarding our financial performance and non-GAAP measures, together with a reconciliation of non-GAAP measures to their most directly comparable GAAP measures.
当社のビジネスモデルの強さとスケールアップ能力により、過去2年間の収益成長と非常に強い収益性を特徴とする魅力的な財務プロファイルが構築されており、これは業界でもトップクラスであると確信しています。当社の売上高は、2019年の1億4820万ドルから2020年の2億8230万ドルに増加し、90％の増加を示しました。当社の純利益は、主に本買収に伴い2020年1月に発生した債務の支払利息により、2019年の6090万ドルから2020年の3930万ドルに減少し、36％の減少となり、調整後の純利益は2019年の1億500万ドルから2020年の1億3110万ドルに増加し、30％の増加となりました。当社は過去1年間、堅牢な調整後EBITDAの成長を遂げ、調整後EBITDAは2019年の1億500万ドルから2020年の1億9930万ドルへと98%増加し、調整後EBITDAマージンは2019年の68%から2020年の71%へと上昇しました。当社の事業には引き続き強い勢いがあり、売上高は2020年6月30日に終了した6カ月間の9960万ドルから2021年6月30日に終了した6カ月間の2.702億ドルに増加し、171%の増加となり、純利益は2020年6月30日に終了した6カ月間の純損失224万ドルから2021年6月30日に終了した6カ月間の純利益9490万ドルに増加しました。当社の調整後EBITDAマージンは引き続き堅調で、2021年6月30日に終了した6カ月間でも71％を維持しています。当社の業績および非GAAP指標に関する追加情報、および非GAAP指標と最も直接的に比較できるGAAP指標との調整については、「財政状態および経営成績に関する経営陣の検討および分析-非GAAP財務指標」を参照してください。
Historical Net Sales and Adjusted EBITDA (dollars in millions) 過去の売上高および調整後 EBITDA (単位：百万ドル)
Our Market Opportunity 市場環境
Haircare Represents a Large, Growing Market ヘアケアは成長する巨大市場
Haircare Represents a Large, Growing Market
Haircare represents a large, addressable market and presents significant opportunities for growth. In 2020, the market was sized at $77 billion globally and is expected to grow at a compound annual rate of ~6% from 2020 to 2025.
ヘアケアは大規模でアドレサブルな市場であり、大きな成長機会があります。2020年の市場規模は世界全体で770億ドルであり、2020年から2025年にかけては年平均6%の成長が見込まれています。
Consumers are Increasingly Focused on Health and Wellness 消費者の健康志向はますます高まっている
Consumers are Increasingly Focused on Health and Wellness
In particular, we focus on hair health, a key driver of our consumers’ purchasing decisions. Our first area of focus was damaged hair, among the most important components of hair health, which we addressed through our
proprietary bond building technology. We believe approximately 91% of U.S. women do something every day to damage their hair, such as coloring, chemical services, heat styling, washing and brushing, which we believe has driven strong demand for our bond-building products.
特に、消費者の購買意欲を左右する「髪の健康」に着目しています。髪の健康にとって最も重要な要素である「ダメージヘア」に着目し、独自の「結合技術」を開発しました。米国女性の約 91％が、カラーリング、ケミカルサービス、ヒートスタイリング、洗髪、ブラッシングなど、毎日何かしら髪にダメージを与えていると考えており、これが当社のボンドビルディング製品への強い需要を引き起こしていると考えています。
Several significant tailwinds support the long-term growth prospects of the haircare market. The way our consumers feel about their hair has a strong impact on how they perceive themselves; we believe that continued focus on personal appearance and wellness will drive increased spend in the category. We believe consumers are also becoming increasingly health-conscious, generating a high demand for clean, technology-backed beauty products that achieve results, and that the importance of hair health has driven increased willingness among our consumers to invest in premium-quality products. Our offerings, which are able to deliver results after the first use, position us well to meet this rising consumer demand. In addition, we have seen a shift in demand for haircare products to omni-channel retailing and online shopping, in particular. Our omni-channel strategy has positioned us well to connect with our consumers globally, however they choose to shop, and to grow our market share.
Innovative, Consumer-Connected Brands Are Taking Share 革新的な消費者直結型ブランドがシェアを奪う
Innovative, Consumer-Connected Brands Are Taking Share
As consumers increasingly demand high-performance, innovative solutions for hair health, we believe that the haircare industry is ripe for disruption. Heritage beauty brands have lost market share to innovative, consumer-connected brands that are more agile and better equipped to meet evolving consumer needs. According to Euromonitor, the top three haircare companies globally (by retail sales) have lost over 430 basis points of market share since 2015. This dynamic has created a significant opportunity for OLAPLEX to gain market share. Increasing focus on hair health also provides significant runway for future growth as we extend our product offering to focus on providing other haircare solutions.
髪の健康のための高機能で革新的なソリューションに対する消費者のニーズが高まる中、ヘアケア業界は破壊の時を迎えていると考えています。伝統的な美容ブランドは、より機敏で進化する消費者ニーズに対応する能力を備えた、革新的で消費者と結びついたブランドに市場シェアを奪われています。ユーロモニターによると、世界のヘアケア企業上位3社（小売売上高ベース）は、2015年以降、430ベーシスポイント以上のシェアを失っています。このような動きは、OLAPLEXにとって市場シェアを獲得する大きなチャンスとなっています。 また、髪の健康への注目が高まることで、他のヘアケアソリューションの提供に注力するために製品提供を拡大し、将来の成長への大きな足掛かりとなります。
Whitespace in the Broader Beauty and Wellness Category ビューティ＆ウェルネスカテゴリーにおける空白の時間
Whitespace in the Broader Beauty and Wellness Category
We also are well positioned to expand into the $633 billion beauty and personal care category by leveraging our differentiated technology platform, and we believe consumers would be interested in OLAPLEX product offerings in other beauty categories, such as skincare, a $140 billion global category. We intend to utilize our innovation expertise to enter adjacent categories and create clean, healthy solutions for the broader personal care needs of our consumers. Our rigorous product development process combines a deep knowledge of science with community-driven testing and feedback, as we work with professional hairstylists to develop and test new products before they launch. We are confident that our deep connection with our consumer community, which has driven significant engagement as we launch new haircare products, will allow us to expand into beauty and wellness categories in the future.
当社はまた、差別化された技術プラットフォームを活用することで、6330億ドルの美容・パーソナルケアカテゴリーに進出するのに適した立場にあり、1400億ドルのグローバルカテゴリーであるスキンケアなど、他の美容カテゴリーでも消費者がOLAPLEX製品の提供に関心を示すと確信しています。私たちは、イノベーションの専門知識を活用して、隣接するカテゴリーに参入し、消費者の幅広いパーソナルケア・ニーズに対応するクリーンで健康的なソリューションを創造していきたいと考えています。当社の厳格な製品開発プロセスでは、プロのヘアスタイリストと協力して新製品を開発し、発売前にテストを行うなど、科学に関する深い知識とコミュニティ主導のテストやフィードバックが組み合わされています。私たちは、ヘアケア製品の新製品を発売する際に、消費者コミュニティとの深い結びつきが大きな役割を果たし、将来的にビューティ＆ウェルネスカテゴリーに進出することができると確信しています。
Our Strengths 当社の強み
Differentiated Brand Positioning Steeped in Science-Backed, Proven Products 科学的根拠に基づく製品で差別化したブランドポジショニング
Differentiated Brand Positioning Steeped in Science-Backed, Proven Products
OLAPLEX is built upon a vision of delivering scientific hair health solutions to both professional hairstylists and our consumers. We believe that demand for OLAPLEX products is driven by the visible results of our products, and that our ability to provide scientifically supported hair health solutions has engendered trust, loyalty, and advocacy among our consumers across channels. This has enabled OLAPLEX to become the #1 bond-building haircare brand in the professional channel, and a top ranked haircare brand within our specialty retail channel. Furthermore, we believe that over 70% of consumers consider OLAPLEX to be both a brand they trust and a brand that helps them take care of their hair. OLAPLEX also has a loyal customer base at BSG, a network of stores and direct sales consultants selling professional salon brands to professional hairstylists, with over 170,000 returning customers between 2020 and 2021 alone. We believe we have continued to rank as a top selling brand, including Company estimates that we are the #1 Haircare Brand and top 25 Beauty brand in all classes of beauty at Amazon in the United States and #1 Haircare brand on Look Fantastic in the U.K. as of July, 31 2021.
OLAPLEX は、プロのヘアスタイリストと消費者の両方に科学的なヘアヘルス ソリューションを提供するというビジョンのもとに成り立っています。私たちは、オラプレックス製品の需要が、目に見える効果によって促進され、科学的な裏付けのあるヘアヘルス ソリューションを提供する能力が、チャネルを超えて消費者の信頼、忠誠、支持を集めていると信じています。その結果、オラフレックスはプロフェッショナルチャネルでNo.1の絆を築くヘアケアブランドとなり、専門店チャネルではトップランクのヘアケアブランドに成長することができました。さらに、70％以上の消費者が、オラプレックスを「信頼できるブランド」「ヘアケアに役立つブランド」と考えていると考えています。また、OLAPLEXは、プロのヘアスタイリストにプロフェッショナルサロンブランドを販売する店舗と直販コンサルタントのネットワークであるBSGにおいて、2020年から2021年の間だけでも17万人以上のリピーターを獲得し、ロイヤリティの高い顧客基盤を確立しています。当社の試算では、2021年7月31日現在、米国Amazonでヘアケアブランド1位、ビューティブランド全クラスでトップ25、英国Look Fantasticでヘアケアブランド1位など、トップセラーブランドとしてランクインし続けていると考えています。
Beloved Brand with Passionate and Loyal Consumer Following 情熱的で忠実な消費者の支持を受ける愛されるブランド
Beloved Brand with Passionate and Loyal Consumer Following
Our dedication to providing science-driven solutions has created an engaged consumer base that we believe advocates authentically for the quality of our products. Our unique relationship with stylists and active involvement with them through digital forums, OLAPLEX Pro App and as brand ambassadors has driven community engagement that has fostered loyalty among the consumer community as well. We continue to build loyal relationships with elite hairstylists and brand ambassadors who educate our consumers, test our products, participate in our brand campaigns and introduce our products to their clientele, and who have leadership influence and reach throughout the hairstylist community. We believe our products’ quality and ability to deliver visible results after first use, coupled with our solutions-based product system, has led to deep penetration within the purchasing habits of our consumers. We believe consumers who purchase at least one OLAPLEX product on average have purchased over 3.5 other products from our product suite in the last twelve months. We believe this broad cross-purchasing activity demonstrates that consumers are using our products as part of a broader haircare regimen.
科学的根拠に基づいたソリューションを提供することで、私たちは消費者層を作り上げ、その消費者層が私たちの製品の品質を真摯に支持してくれていると信じています。スタイリストとのユニークな関係や、デジタルフォーラム、OLAPLEX Pro App、ブランドアンバサダーとしての積極的な関与は、消費者コミュニティにおいても忠誠心を育むコミュニティエンゲージメントを推進しました。消費者教育、製品テスト、ブランドキャンペーンへの参加、顧客への製品紹介を行い、ヘアスタイリストのコミュニティでリーダーシップを発揮するエリートヘアスタイリストやブランドアンバサダーと忠実な関係を築き続けています。当社は、当社製品の品質と使用後すぐに目に見える効果を実現する能力、およびソリューションベースの製品システムが、消費者の購買習慣に深く浸透していると考えています。少なくとも1つのOLAPLEX製品を購入した消費者は、過去12カ月間に平均3.5つ以上の製品を購入していると考えています。このような幅広い相互購入活動は、消費者がより幅広いヘアケアレジメンの一部として当社製品を使用していることを実証していると考えています。
Furthermore, our consumers have continued to engage with the OLAPLEX brand online. As of July 31, 2021, the OLAPLEX hashtag has been used over 12.1 million times across social media platforms by our community of professional hairstylists and consumers who create their own content about their haircare regimen. In the past year, we had exceptional engagement with our Instagram community of over 2 million followers as of July 31, 2021, which generated over 2.4 million likes and an average of approximately 13,000 story views a day. Our passionate consumer base is also demonstrated by our presence on TikTok where our videos have been viewed over one million times between April and July 2021, and, as of July 2021, videos using the OLAPLEX hashtag have been viewed over 317 million times since the hashtag first appeared on the platform.
Positioned in Compelling Sub-Verticals 魅力的なサブ・ヴァーティカルに位置づける
Positioned in Compelling Sub-Verticals
We believe our focus on large, high-growth segments of the haircare industry separates us from our competitors. Our products address the most relevant categories within haircare: treatment, maintenance and protection. Maintenance is one of the largest haircare subcategories and consists of products such as shampoos and conditioners. Our shampoo and conditioner products are key areas of focus and have experienced growth of approximately 93% from 2019 to 2020. We believe that treatment and protection are two areas that consumers are most concerned about, and therefore are categories that deliver strong loyalty where consumers are less likely to switch brands and products. We believe over 70% of consumers have experienced one of the following: hair loss, damage, coarseness, thinness, frizz, or dryness. We help consumers address many of these haircare concerns with our patented and proven Bond Building Hair Treatment, Hair Perfector and Bond Intense Moisture Mask.
当社は、ヘアケア業界の中でも特に成長率の高い分野に注力していることが、競合他社との差別化につながっていると考えています。当社の製品は、ヘアケア業界で最も重要なカテゴリーである「トリートメント」「メンテナンス」「プロテクション」に対応しています。メンテナンスはヘアケアの中でも最も大きなサブカテゴリーの一つで、シャンプーやコンディショナーなどの製品で構成されています。当社のシャンプーとコンディショナー製品は重点分野であり、2019年から2020年にかけて約93％の成長率を記録しています。トリートメントと保護は消費者が最も気にする分野であるため、消費者がブランドや製品を変える可能性が低く、強いロイヤリティを実現するカテゴリーであると考えています。私たちは、70％以上の消費者が、抜け毛、ダメージ、ごわつき、細さ、縮れ、乾燥のいずれかを経験したことがあると考えています。私たちは、特許を取得した実績のあるボンドビルディングヘアトリートメント、ヘアパーフェクター、ボンドインテンスモイスチャーマスクで、これらのヘアケアに関する多くの悩みを抱える消費者をサポートします。
Powerful Product Portfolio Supported by Proven Innovation Capabilities 実証されたイノベーション能力に支えられた強力な製品ポートフォリオ
Powerful Product Portfolio Supported by Proven Innovation Capabilities
Our innovation capabilities and unique approach to product development have allowed us to develop a portfolio of powerful, patent-protected and proven hair health solutions. In seeking to address the most important concerns in hair health, we incorporate feedback from our community of professional hairstylists and consumers into solution-oriented products that speak to our consumers’ needs. These consumer insights inform the efforts of our in-house research and development team, dedicated OLAPLEX laboratory, independent lab testing, and real-world salon testing, creating a virtuous feedback loop. Bis-amino is an example of science-enabled technology. This molecule is the formulating ingredient in all of our products and addresses a root cause of damage by repairing broken hair bonds.
私たちのイノベーション力と製品開発へのユニークなアプローチにより、特許で保護され、実証された強力なヘアヘルス製品のポートフォリオを開発することができました。髪の健康における最も重要な懸念事項を解決するために、私たちはプロのヘアスタイリストや消費者のコミュニティからフィードバックを得て、消費者のニーズに応えるソリューション志向の製品に反映させています。これらの消費者インサイトは、社内の研究開発チーム、専用のOLAPLEXラボ、独立したラボテスト、実際のサロンテストの努力に反映され、好循環のフィードバックループを生み出しています。ビスアミノは、科学が可能にした技術の一例です。この分子は、私たちのすべての製品に配合されている成分で、壊れた髪の結合を修復することで、ダメージの根本原因を解決します。
We have a strong track-record of successful product launches. The launch of our No. 0 Intense Bond Building Treatment created exceptional social media engagement, which resulted in our product ranking as the #1 selling SKU at Sephora during the first weeks following its launch, according to Sephora’s internal reporting. Similarly, the launch of our No. 8 Bond Intense Moisture Mask was the biggest haircare launch in 2021, through July 2021, at Sephora based on sales. In addition, No. 8 generated over $7 million in sell-through sales and sold over 400,000 units within the first three weeks of launching at our top U.S. accounts in March 2021, representing the largest launch in our history by net sales. We are supporting our future innovation pipeline through the development of new technology that seeks to address other key components of hair health.
Synergistic Omni-Channel Strategy and Market Leadership Across Channels 相乗的なオムニチャネル戦略とチャネルを超えたマーケットリーダーシップ
Synergistic Omni-Channel Strategy and Market Leadership Across Channels
Our integrated channel strategy across the professional, specialty retail and DTC channels creates a powerful feedback loop that reinforces consumer spending across channels. Our digital capabilities support each of our channels and provide us with direct touchpoints with our consumers. We believe that our professional channel provides credibility as a trusted source of product recommendation to our consumers, thereby supporting our specialty retail and DTC channels by serving as an introduction to our brand. We believe that approximately 35% of our consumers purchase OLAPLEX products after being introduced to the product by their hairstylist. Once this introduction is made, our consumers often begin purchasing our products through our specialty retail and DTC channels. We offer our retail partners a curated portfolio of highly productive products with incremental benefits, which contrasts starkly with many brands’ broad assortments. Our specialty retail and DTC presence allows us to reach our consumers everywhere they shop, and drives revenue to professional hairstylists when clients seek professional-strength OLAPLEX treatments in the salon to complement at-home use. This cycle has driven significant cross-channel shopping opportunities and is supported by our digital initiatives: for example, we believe nearly 50% of our customers that purchase product on OLAPLEX.com have also purchased OLAPLEX products in retail locations and 40% have also purchased in a salon. Our ability to succeed across channels is a hallmark of our business model. For example, in 2020, OLAPLEX was the #1 haircare brand at Sephora based on sales and five of our products were the best selling in their respective categories at Beauty Systems Group (“BSG”). In addition, we believe that during July 2021 our No. 0 + No. 3 kit and No. 5 solutions were two of the top ten haircare products sold on Amazon. Our global brand resonance and community of stylists allows us to leverage this integrated channel strategy internationally as well, with strong footholds within professional communities supported by presence in key specialty retailers and recent expansion into DTC.
プロフェッショナル・チャネル、専門店チャネル、DTC チャネルを統合したチャネル戦略により、チャネルを超えた消費者支出を強化する強力なフィードバック・ループを構築しています。当社のデジタル技術は各チャネルをサポートし、消費者との直接的なタッチポイントを提供します。専門家向けチャネルは、消費者に製品を推奨する信頼できる情報源として信頼性を提供し、それによって専門店やDTCチャネルが当社のブランドを紹介する役割を担っていると考えています。当社では、約35％の消費者がヘアスタイリストに紹介された後にオラプレックス製品を購入していると考えています。このような紹介を受けた消費者は、専門店やDTCチャネルを通じて製品を購入することが多いようです。これは、多くのブランドが幅広い品揃えをしているのとは対照的です。また、自宅での使用に加え、サロンでプロ仕様のオラプレックス・トリートメントを求める顧客のために、プロのヘアスタイリストに収益をもたらすことができます。例えば、OLAPLEX.com で製品を購入した顧客の約 50％は小売店でも購入したことがあり、40％はサロンで購入したことがあると言われています。チャネルを超えて成功する能力は、私たちのビジネスモデルの特徴です。例えば、2020年、OLAPLEXはSephoraで売上高に基づくヘアケアブランド第1位となり、Beauty Systems Group（以下、BSG）では当社製品の5つがそれぞれのカテゴリーでベストセラーとなりました。また、2021年7月には、当社のNo.0＋No.3キットとNo.5ソリューションが、Amazonで販売されたヘアケア製品のトップ10に入ったと思われます。当社のグローバルなブランドの共鳴とスタイリストのコミュニティにより、当社は国際的にもこの統合チャネル戦略を活用することができ、主要な専門小売店での存在感と最近のDTCへの拡大により、プロのコミュニティにおける強い足がかりを得ることができました。
Experienced and Visionary Management Team and Board 経験豊かで先見性のある経営陣と取締役会
Experienced and Visionary Management Team and Board
Our strategic vision and culture are directed by our skilled management team, who collectively have decades of strategic and operating experience in the beauty and luxury fashion industries. Our leadership is further augmented by a board of directors with expertise in beauty, innovation, digital and operations. Our Board members have experience across world-class companies such as Chanel, Conde Nast, Stitch Fix, Instagram, Facebook, Lululemon and Sonos.
当社の戦略的ビジョンと企業文化は、ビューティとラグジュアリー・ファッション業界において数十年にわたる戦略的・経営的経験を積んだ熟練の経営陣によって方向づけられています。さらに、ビューティ、イノベーション、デジタル、オペレーションの専門知識を持つ取締役会が、私たちのリーダーシップを強化しています。取締役会のメンバーは、シャネル、コンデナスト、スティッチフィックス、インスタグラム、フェイスブック、ルルレモン、ソノスなどの世界的な企業で経験を積んでいます。
Robust Organic Growth and Margin Profile 強固な有機的成長とマージンプロファイル
Robust Organic Growth and Margin Profile
The strength of our business model and ability to scale have created a compelling financial profile characterized by revenue growth and very strong profitability over the past two years that we believe is among the best in our industry. Our net sales increased from $148.2 million in 2019 to $282.3 million in 2020, representing a 90% increase. Our net income decreased from $60.9 million in 2019 to $39.3 million in 2020, representing a 36% decrease, and our adjusted net income increased from $100.5 million in 2019 to $131.1 million in 2020, representing a 30% increase. We have also experienced robust adjusted EBITDA growth over the past year, increasing our adjusted EBITDA from $100.5 million in 2019 to $199.3 million in 2020, representing a 98% increase, and an increase in our adjusted EBITDA margins from 68% in 2019 to 71% in 2020. We have continued to see strong momentum in our business, with net sales increasing from $99.6 million for the six months ended June 30, 2020 to $270.2 million for the six months ended June 30, 2021, representing an increase of 171%, and net income increasing from a net loss of $22.4 million for the six months ended June 30, 2020 to net income of $94.9 million for the six months ended June 30, 2021. Our adjusted EBITDA margins continue to be robust, remaining at 71% for the six months ended June 30, 2021. We have a proven track record of strong financial performance as we continue to build out our global omni-channel platform. Our attractive financial profile gives us significant flexibility as we pursue new growth initiatives.
当社のビジネスモデルの強さとスケールアップ能力により、過去2年間の収益成長と非常に強い収益性を特徴とする魅力的な財務プロファイルが構築されており、これは業界でもトップクラスであると確信しています。当社の売上高は、2019年の1億4,820万ドルから2020年の2億8,230万ドルに増加し、90％の増加を示しています。当社の純利益は、2019年の6090万ドルから2020年の3930万ドルへと36％減少し、調整後純利益は2019年の1億500万ドルから2020年の1億3110万ドルへと30％増加しました。また、過去1年間、調整後EBITDAは力強い成長を遂げ、2019年の1億500万ドルから2020年の1億9930万ドルに増加し、98%の増加となり、調整後EBITDAマージンは2019年の68%から2020年の71%に増加しました。当社の事業には引き続き強い勢いがあり、純売上高は2020年6月30日に終了した6カ月間の9960万ドルから2021年6月30日に終了した6カ月間の2.702億ドルに増加し、171%の増加となり、純利益は2020年6月30日に終了した6カ月間の純損失2240万ドルから2021年6月30日に終了した6カ月間の純利益9490万ドルに増加しました。当社の調整後EBITDAマージンは引き続き堅調で、2021年6月30日に終了する6カ月間において71％を維持しています。当社は、グローバルなオムニチャネル・プラットフォームを構築し続ける中で、強力な財務実績が証明されています。魅力的な財務内容により、新たな成長戦略を追求するための大きな柔軟性を得ることができます。
Our Growth Strategies 成長戦略
Grow Brand Awareness and Household Penetration ブランド認知度の向上と家庭への浸透
Grow Brand Awareness and Household Penetration
There is significant opportunity to continue to grow brand awareness and educate consumers about OLAPLEX and the benefits of our solution-based regimen. We believe that only 45% of prestige haircare consumers have aided awareness of OLAPLEX compared to a competitor peer median of 69%. Additionally, we believe only 11% of overall beauty consumers surveyed at Sephora have aided awareness of the Olaplex brand. We further believe our powerful and highly-engaged digital community and network of brand advocates will allow us to reach new consumers rapidly. As of July 31, 2021, our digital community included more than 100 brand advocates, including licensed cosmetologists supporting our content creation, two professional-dedicated communities on social media consisting of over 230,000 hairstylists and several company-operated accounts including on Instagram, TikTok, Facebook and other social media platforms, where we have demonstrated robust followership and engagement. We plan to continue to grow our social media engagement by increasing our digital marketing spend and expanding our capabilities to interact with our consumers through OLAPLEX.com and other digital channels. We also plan to grow our brand awareness by continuing to deepen our relationships within the professional community. We believe these efforts to expand awareness and household penetration will enable the OLAPLEX brand to continue growing in the future.
今後も、OLAPLEXのブランド認知度を高め、消費者にOLAPLEXとそのソリューションベースの治療法について理解してもらうための大きな機会があります。プレステージヘアケアの消費者のうち、OLAPLEXを認知しているのは45%にすぎません（同業他社の中央値は69%）。また、セフォラで調査した美容消費者全体のうち、Olaplexブランドを認知しているのは11%に過ぎないと考えています。さらに、私たちは、強力で高度にエンゲージされたデジタルコミュニティとブランド支持者のネットワークにより、新しい消費者に迅速にリーチすることができると考えています。2021年7月31日現在、当社のデジタルコミュニティには、コンテンツ制作をサポートする美容師免許を持つ人を含む100人以上のブランド支持者、23万人以上のヘアスタイリストによるソーシャルメディア上の2つの専門家専用コミュニティ、Instagram、TikTok、Facebookなどのソーシャルメディアプラットフォームで当社が運営する複数のアカウントがあり、強力な支持者と関与を実証しています。今後も、デジタルマーケティング費用を増やし、OLAPLEX.comやその他のデジタルチャネルを通じて消費者と対話する機能を拡充することで、ソーシャルメディアエンゲージメントを拡大していく予定です。また、専門家集団との関係を深めることで、ブランドの認知度を向上させる計画です。このような認知度向上と家庭への浸透を図ることで、OLAPLEXブランドは今後も成長し続けることができると考えています。
Continue to Grow OLAPLEX Through Existing Points of Distribution 既存の販売チャネルを通じた OLAPLEX の継続的な成長
Continue to Grow OLAPLEX Through Existing Points of Distribution
We plan to drive sustained growth in our core channels by increasing repeat purchase rates and brand awareness. As we have expanded, we have demonstrated our ability to drive continued growth with existing customers, as evidenced by our products generating a compound annual growth rate of 134% in sell-through sales from 2018 to 2020 in Sephora, which we believe to be well in excess of our competitors. In addition, our core products represented four of the top ten selling products at Sephora during June 2021. Within specialty retail, our low penetration levels among Sephora customers and relatively limited brand awareness provide us with strong growth opportunities in their existing locations. Within the professional channel, we intend to expand our consumer base of professional hairstylists by growing our brand ambassador community and increasing adoption of our professional-only offerings. Furthermore, within our DTC channel, we continue to see opportunities to enhance OLAPLEX.com, including our recently developed hair diagnostic platform to engage and educate our consumers. Since we began offering our online diagnostic platform in October 2020, consumers have taken the OLAPLEX hair diagnostic test and shared their haircare needs with us more than 1.3 million times.
OLAPLEXは、リピート購入率とブランド認知度を高めることで、コアチャネルにおける持続的な成長を促進する計画です。当社の製品は、拡大するにつれて、セフォラにおける2018年から2020年までのセルスルー売上の年平均成長率が134％となり、競合他社を大きく上回っていると考えていることからもわかるように、既存顧客による継続的な成長を促進する能力を実証しています。また、2021年6月のセフォラでの売上トップ10のうち、当社の主力製品は4つを占めています。専門店チャネルでは、Sephoraのお客さまへの浸透度が低く、ブランドの認知度が比較的低いため、Sephoraの既存店舗において強力な成長機会が得られます。プロフェッショナルチャネルでは、ブランドアンバサダーコミュニティの拡大やプロフェッショナル専用商品の採用拡大により、プロのヘアスタイリストの消費者層を拡大する予定です。さらに、DTC チャネルでは、最近開発した毛髪診断プラットフォームを含む「OLAPLEX.com」を強化し、消費者の関心を高め、教育する機会を引き続き見出しています。2020年10月にオンライン診断プラットフォームの提供を開始して以来、消費者は130万回以上、OLAPLEXの毛髪診断テストを受け、ヘアケアのニーズを共有しています。
Expand Distribution to New Geographies and Retailers 新たな地域と小売業者への流通拡大
Expand Distribution to New Geographies and Retailers
We plan to pursue large and meaningful opportunities across specialty retail, travel retail, specialty pharmacy and international markets. We expect to grow our retail distribution by establishing commercial relationships with new customers, where we see many untapped opportunities.
当社は、専門店、トラベルリテール、専門薬局、国際市場において、大規模かつ有意義な機会を追求する計画です。私たちは、未開拓の機会が多く存在する新規顧客との取引関係を確立することにより、小売販売網を拡大することを期待しています。
Internationally, we intend to capitalize on growing brand awareness to deepen our reach in existing markets throughout Europe and Asia. In Europe, we particularly see an opportunity to attract more consumers by partnering with specialty pharmacies to expand our points of distribution. In Asia, key areas of focus include accelerating our partnership with Tmall Global in China and broadening our existing distribution channels in Japan. Furthermore, we also plan to focus on growth opportunities in new markets in Latin America where we have a smaller presence compared to other geographies.
Expand our Product Offerings by Utilizing Innovation Capabilities イノベーション力を活かした製品提供の拡大
Expand our Product Offerings by Utilizing Innovation Capabilities
We plan to continue to leverage our product-solution brand mindset, consumer relevance and product development strategy to expand into new categories. We see opportunities to extend our brand to new areas of hair health and treatment, such as scalp care, as well as other haircare categories in which we have yet to participate. We are also developing other potentially patentable technologies to support extension into non-haircare beauty and wellness categories that provide us with long-term growth opportunities. For example, we believe that approximately 82% of consumers familiar with OLAPLEX would like to see an OLAPLEX skin care line, and 51% of these consumers would switch out their current skin care for an OLAPLEX product. We plan to continue to leverage our powerful research and development strategy to create new products and provide technology-based beauty solutions for our consumers.
当社は、プロダクト・ソリューション・ブランドの考え方、消費者との関連性、製品開発戦略を活かし、引き続き新カテゴリーへの進出を図ります。スカルプケアなど、髪の健康やトリートメントに関する新しい分野や、当社がまだ参入していないヘアケアカテゴリーに、当社のブランドを拡大する機会があると考えています。また、長期的な成長機会を提供するヘアケア以外の美容・健康分野への展開を支援するため、特許取得の可能性がある技術の開発も行っています。例えば、OLAPLEXを知る消費者の約82％がOLAPLEXのスキンケアラインを希望し、そのうちの51％が現在のスキンケアをOLAPLEX製品に切り替えると確信しています。当社は、今後も強力な研究開発戦略を駆使して新製品を創出し、テクノロジーを駆使したビューティーソリューションを消費者に提供していく予定です。
Leverage OLAPLEX.com to Strengthen our Direct-To-Consumer Channel OLAPLEX.com を活用したDTCチャネルの強化
Leverage OLAPLEX.com to Strengthen our Direct-To-Consumer Channel
We plan to continue to invest in our digital marketing capabilities and online platform to increase our DTC presence and attract more consumers to our brand. We expect to grow our DTC channel by creating new tools and programs available on our website that interact with our consumers and help them use our products. Specifically, we believe we have an opportunity to gain greater insights from our consumers and enhance connectivity by offering customized feedback for each of their haircare needs. Key areas of focus in our DTC channel strategy include creating new revenue opportunities, increasing the cross-product purchasing patterns of our online consumers and highlighting our DTC channel when expanding in new international geographies.
当社は、デジタルマーケティング機能とオンラインプラットフォームに継続的に投資し、DTCの存在感を高め、より多くの消費者を当社ブランドに引きつけることを計画しています。消費者と対話し、製品の使用を支援する新しいツールやプログラムをウェブサイト上で作成することにより、DTCチャネルを拡大することを期待しています。特に、消費者のヘアケアに関するニーズに応じてカスタマイズされたフィードバックを提供することで、消費者からより多くの知見を得るとともに、消費者とのつながりを強化する機会があると考えています。DTC チャネル戦略では、新たな収益機会の創出、オンライン消費者の製品横断的な購買パターンの増加、新たな海外展開の際に DTC チャネルを強調することなどが重要な課題となっています。
Our Synergistic Omni-Channel Sales Platform 相乗効果の高いオムニチャネル販売プラットフォーム
Our Synergistic Omni-Channel Sales Platform
Our products are sold through our global omni-channel platform in more than 100 countries across the world. In 2020, approximately 53% of our net sales were generated in the United States and approximately 47% of our net sales were international. We sell our products through distributors, retailers, and directly to consumers.
当社の製品は、グローバルオムニチャネルプラットフォームを通じて、世界100カ国以上で販売されています。2020年、当社の純売上高の約53％は米国で、約47％は海外で生み出されています。私たちは、ディストリビューター、小売店、および消費者への直接販売を通じて製品を販売しています。
Professional Channel Rooted in our Hairstylist Community ヘアスタイリストのコミュニティーに根ざしたプロフェッショナル・チャネル
Professional Channel Rooted in our Hairstylist Community
In our professional channel, our products are sold primarily through wholesale beauty supply distributors who sell to professional beauty industry outlets, such as salons and licensed cosmetologists, for use in the salon or for hairstylists to sell to consumers for use at home. In 2020, we sold our products through over 100 professional distributors. Our international distributors are generally only permitted to sell our products to professional beauty industry outlets in specific territories, with some having the exclusive right to sell our products in the territory. Our agreements with professional beauty distributors also typically contain minimum purchase and sell-through requirements and prohibit the distributor from selling products deemed competitive with ours.
プロフェッショナルチャネルでは、主に美容材料の卸売業者を通じて、サロンや美容師などの美容業界のプロフェッショナルに、サロンでの使用やヘアスタイリストが家庭での使用のために消費者に販売する製品を販売しています。2020年、当社は100社以上の専門ディストリビューターを通じて製品を販売しました。当社の海外販売代理店は、通常、特定の地域の美容専門店に対してのみ当社製品の販売を許可されており、一部の代理店はその地域における当社製品の独占販売権を持っています。また、美容専門ディストリビューターとの契約には、通常、最低購入量やセルスルー要件が含まれており、ディストリビューターが当社製品と競合するとみなされる製品を販売することを禁じています。
Specialty Retail Channel Focused on Reaching Consumers 消費者へのアプローチに特化した専門店チャネル
Specialty Retail Channel Focused on Reaching Consumers
Our specialty retail customers include specialty retailers, as well as luxury department stores with online and/or brick and mortar presences. In 2020, we sold our products through approximately 30 retailers in more than 61 countries throughout the world. Our biggest global retail partner is Sephora, where we are in more than 1,800 doors globally as well as through Sephora’s own e-commerce sites.
当社の専門店チャネルには、専門店や高級百貨店が含まれ、オンラインや実店舗で販売されています。2020年には、世界61カ国以上の約30の小売店を通じて製品を販売しています。最大のグローバル小売パートナーはセフォラで、セフォラ独自のEコマースサイトだけでなく、全世界で1,800以上の店舗で展開しています。
Direct-to-Consumer Channel Leveraging our Digital Capabilities デジタル技術を活用した消費者直結型チャネル
Direct-to-Consumer Channel Leveraging our Digital Capabilities
We sell our products directly to consumers through our branded website, olaplex.com, and to industry leading pure play beauty and wellness partners. We have dedicated resources to implement creative, coordinated, brand-building strategies across our online activities to increase our direct access to consumer insights, engagement and conversion, which further enhances our innovation and branding performance.
当社は、自社ブランドのウェブサイトolaplex.comや、業界をリードする美容・健康関連のパートナーを通じて、製品を消費者に直接販売しています。消費者インサイトへの直接アクセス、エンゲージメント、コンバージョンを高め、イノベーションとブランド力をさらに強化するために、オンライン活動全体でクリエイティブかつ協調的なブランド構築戦略を実施するための専門リソースを有しています。
Marketing and Engagement with Our Customer and Consumer Community マーケティングとお客様・消費者コミュニティとの関わり合い
Our strategy to market and showcase our products begins with our omni-channel platform across the professional, specialty retail and DTC channels.
In our professional channel, we market our products using educational seminars on our products’ application methods and consumer benefits. We have a dedicated portal on our website for professional customers to purchase and learn more about our products and have developed a mobile app for our professional community that serves as a resource on our brand and products and offers us the opportunity to more directly engage with hairstylists about our products. In addition, we use professional trade advertising, social media and other digital marketing to communicate to professionals and consumers the quality and performance characteristics of our products. We believe that our presence in professional salons benefits the marketing and sale of our products sold through our specialty retail and DTC channels as it introduces consumers to our products who may start shopping through our other channels in addition to shopping at the salon.
In our specialty retail channel, we support our authorized retailers to drive in-store and e-commerce sales of our products, and work with them to ensure the optimal presentation of our products in their stores or on their e-commerce sites. Advertising activities, in-store displays, and online navigation are designed to attract new consumers, build demand and loyalty and introduce existing consumers to other product offerings. Our marketing efforts also benefit from cooperative advertising programs with some retailers. We typically do not use promotional activities in our marketing efforts but may occasionally offer limited-time product kits to help introduce our products to consumers.
Our digital first approach to performance marketing is designed to offer best-in-class customer experience on Olaplex.com, from load times, navigation to a more intuitive check-out experience. All of which is designed to increase brand awareness, site traffic and conversion.
We continue to increase our brand awareness and sales through our strategic emphasis on performance marketing and by leveraging technology. We see opportunities to further enhance our online presence and consumer engagement through our digital properties, especially as the COVID-19 pandemic has had a significant impact on consumer behaviors and has accelerated the trend for a digital-first consumer journey and e-commerce, and we continue to elevate our digital presence encompassing e-commerce and m-commerce, as well as digital, social media and influencer marketing and engagement. We have top celebrity hairstylists and colorists from around the world as Olaplex brand ambassadors. These brand ambassadors help market our brand through educational events, social media and other publicity. We also are investing in new analytical capabilities to promote a more predictive and personalized experience across our sales channels. For example, we developed an online hair diagnostic quiz that allows consumers to discover our products to predict and personalize their hair health needs. We continue to innovate to better meet consumer shopping preferences, support e-commerce and m-commerce via digital and social marketing activities designed to build brand equity and consumer connection, engagement and conversion.
Our Innovative Products 当社の革新的な製品
Fueled by our focus on providing solutions to improve our consumers’ hair health, we have created a holistic product line employing our unique bond building technology that repairs and relinks disulfide bonds in human hair that are destroyed via chemical, thermal, mechanical, environmental and aging processes, as well as hair that is compromised by environmental and the aging process. Our proprietary, patent-protected ingredient, Bis-amino, serves as the common thread across our products and is a key differentiator in our ability to create trusted and high-performing products. Underpinning our product range is a portfolio of more than 100 patents, which protect our proprietary technology and, we believe, create both barriers to entry and a foundation for entry into adjacent categories over time.
Our current product portfolio comprises nine unique, complementary products specifically developed to provide a holistic regimen for hair health. The quality of our products drives consumer enthusiasm, strong repurchase trends and basket building behavior. Because our products augment each other, our consumers often utilize multiple products within our offering that work together to lead to consistently healthy hair—we believe this additive phenomenon drives exceptional consumer loyalty.
Our current product suite is championed by two professional use-only products: OLAPLEX Bond Multiplier (No. 1), and OLAPLEX Bond Perfector (No. 2). These two products often serve as an introduction to our brand, and a gateway to seven additional products that can be used at home, including a bond building treatment (No. 0), Hair Perfector (No. 3), shampoo and conditioner (No. 4 / 5), Bond Smoother (No. 6), Bonding Oil (No. 7) and Bonding Moisture Mask (No.8). Each product is created with our consumer in mind and with high-quality ingredients backed by scientifically proven formulas and independent validated claims. We also offer combination kits comprising related products to drive new customer acquisitions and trial.
Customers 顧客
Our customers in the professional channel include SalonCentric, Beauty Systems Group, New Flag, Sally U.K., and Aston and Fincher. Our specialty retail customers include specialized retailers such as Sephora, Douglas and Space NK, and our DTC customers include e-commerce retailers such as Amazon, ASOS, Cult Beauty and The Hut Group.
In 2020, Sephora, SalonCentric and Beauty Systems Group each accounted for greater than 10% of our net sales. While we have over 170 customers across our omni-channel sales platform, we expect Sephora, SalonCentric, Beauty Systems Group and a small number of other customers will continue to account for a large portion of our net sales.
Supply Chain and Global Distribution Network サプライチェーンとグローバル流通網
Our finished products are manufactured in the United States and Europe by three manufacturers, two in the United States with multiple facilities and one in Europe. Cosway Company Inc. manufactures products that accounted for more than 70% of our net sales in 2020 and we continue to rely upon Cosway to manufacture a majority of our current product offerings. Our agreement with Cosway expires on January 1, 2023 and automatically renews for subsequent periods of two years each, unless terminated by either party upon 180 days’ notice. Either party also may terminate the agreement upon the event of breach, default, or bankruptcy. Upon termination of our relationship, Cosway will return or destroy all confidential information and provide us with all formulas that were developed exclusively for us under the agreement along with any related manufacturing know-how. We utilize third parties with key operational facilities located inside and outside the United States to warehouse and distribute our products for sale throughout the world. We believe that our manufacturing and distribution network is sufficient to meet current and reasonably anticipated increased requirements. In addition, we have disaster recovery programs in place under some of our agreements with suppliers that allow for shifting of manufacturing capacity if necessary to account for disruptions due to natural disasters and other events outside of our or their control. We continue to implement improvements in capacity, technology, and productivity and to align our manufacturing and distribution capabilities with anticipated regional sales demand and expansion of our customer base in targeted geographies.
Our products rely on a single or limited number of suppliers. For example, a principal raw material for our products is Bis-amino, which is manufactured using our patented process by a contract manufacturing organization in the United States. Other raw materials used in our products include specialty chemicals and essential oils. Despite our use of a limited number of suppliers, we believe our suppliers have adequate resources and facilities to overcome most unforeseen interruptions of supply, and we are often able to leverage our relationships with suppliers to obtain raw materials directly while bypassing intermediaries. In the past, we have been able to obtain an adequate supply of essential raw materials and currently believe we have adequate sources of supply for virtually all components of our products, including by maintaining a supply of Bis-amino.
Seasonality 季節性
Our results of operations typically are slightly higher in the second half of the fiscal year due to increased levels of purchasing by consumers for special and holiday events and by retailers for the holiday selling seasons. However, fluctuations in net sales in any fiscal quarter may be attributable to the level and scope of new product introductions or the particular retail calendars followed by our customers that are retailers, which may impact their order placement and receipt of goods.
Competition 競争
Competition in the haircare industry is based on a variety of factors, including innovation, effectiveness of beneficial attributes, accessible pricing, service to the consumer, promotional activities, advertising, special events, new product introductions, e-commerce initiatives and other activities. Our competitors include Henkel AG & Co. KGaA, Kao Corporation, L’Oreal S.A. and Unilever. We also face competition from a number of independent brands. Certain of our competitors also have ownership interests in retailers that are customers of ours.
The continued strength of our brand and products is based on our ability to compete with other companies in our industry. We compete primarily by:
・ developing quality products with innovative performance features;
・ educating consumers, retail customers and salon professionals about the benefits of our products;
・ anticipating and responding to changing consumer, retail customer and salon professional demands in a timely manner, including the timing of new product introductions and line extensions;
・ offering products at compelling and accessible price points across channels and geographies;
・ maintaining favorable brand recognition;
・ developing and sustaining our relationships with our key customers;
・ ensuring product availability through effective planning and replenishment collaboration with our customers;
・ leveraging e-commerce, social media and the influence of our brand ambassadors and developing an effective omni-channel strategy to optimize the opportunity for consumers to interact with and purchase our products both on-line and in brick and mortar outlets;
・ attracting and retaining key personnel;
・ maintaining and protecting our intellectual property;
・ maintaining an effective manufacturing and distributor network; and
・ obtaining and retaining sufficient retail display and floor space, optimal in-store positioning and effective presentation of our products on retailer’s shelves.
・消費者、小売顧客およびサロンの専門家に当社製品の利点を伝える。
・消費者、小売顧客およびサロンの専門家の需要の変化を予測し、新製品導入やライン拡張のタイミングを含め、タイムリーに対応する。
・チャネルや地域を問わず、魅力的で手に入れやすい価格帯の製品を提供する。
・良好なブランド認知度を維持する。
・主要顧客との関係を発展・維持する。
・顧客との効果的な計画や補充協力を通じて製品の供給を確保する。
・電子商取引、ソーシャルメディア、ブランドアンバサダーの影響力を活用し、消費者がオンラインと実店舗の両方で当社製品に接し、購入する機会を最適化する効果的なオムニチャネル戦略を展開する。
・主要な人材の獲得と維持。
・知的財産の維持・保護。
・効果的な製造・販売ネットワークの維持。
・十分な小売店用陳列棚及び床面積の確保、店頭での最適な配置、小売店の棚での当社製品の効果的な陳列。
We believe we have a well-recognized and strong reputation in our core markets and that the quality and performance of our products, our emphasis on innovation, and engagement with our professional and consumer community position us to compete effectively.
Intellectual Property 知的財産権
We rely on a combination of patent, trademark, copyright, trade secret, and other intellectual property laws, nondisclosure and assignment of inventions agreements and other measures to protect our intellectual property.
As of June 30, 2021, we owned over 275 trademark registrations and applications globally. Our flagship trademark is OLAPLEX. We seek to register our OLAPLEX mark in all jurisdictions where we do business. In addition, as of June 30, 2021, we owned over 100 issued patents worldwide, including 13 U.S. patents, and over 55 pending patent applications worldwide.
Our patent portfolio includes a family of patents that includes approximately 80 granted patents with claims that cover Olaplex’s commercial formulations Nos. 0-8, as well as their uses, and patents with claims that cover other haircare and skincare products and/or their uses. The patents issued in this family have been granted in the United States, Australia, throughout Europe, Brazil, Canada, Israel, New Zealand, and Japan. The patents in this family are generally expected to expire in 2034. Any additional patents that grant from pending applications in this patent family would also be expected to expire in 2034.
Our patent portfolio also includes a patent family of patents with claims to defend against the use of competitors’ products that do not contain our Bis-amino ingredient. This patent family includes approximately 40 patents that have been granted in the United States, throughout Europe, Brazil, Canada, Israel, and Japan. The patents in this family are generally expected to expire in 2035. Any additional patents that grant from pending applications in this patent family would also be expected to expire in 2035.
Information Technology 情報通信技術
Information technology supports all aspects of our business, including operations, marketing, sales, order processing, production and distribution networks, customer and consumer experiences finance, business intelligence, and product development. We continue to maintain and enhance our information technology systems and customer experiences in alignment with our long-term strategy. An increasing portion of our global information technology infrastructure is cloud-based and in partnership with industry-leading service providers. This approach allows for a more scalable platform to support current and future requirements and improves our agility and flexibility to respond to the demands of the business by leveraging advanced and leading edge technologies.
We recognize that technology presents opportunities for competitive advantage, and we continue to invest in new capabilities across various aspects of our business. During 2020, we improved our business-to-business and business-to-consumer integration, cybersecurity and technology infrastructure, supply chain integration, business resilience capabilities and analytics. In addition, we redesigned our e-commerce experience, developed new marketing capabilities to drive deeper consumer insight and engagement and created an app for our professional hairstylist and consumer community.
We have developed a cybersecurity profile to align with industry standard cybersecurity frameworks. We review our cybersecurity profile on an ongoing basis, and our policies and procedures establish processes for risk assessment, risk management, risk oversight, end user training, third-party reviews and general cybersecurity. We have assessed, and will continue to assess, the adequacy of our policies, procedures, and internal controls for ensuring we meet defined cyber security standards.
Properties 物件情報
We do not own any real property or have a physical headquarters. We lease one facility in New York that we use for research and development. This lease expires in 2024. Our employees work remotely, from home or at shared co-working office spaces. We believe these arrangements support our current needs.
Employees and Human Capital Resources 従業員と人的資源
Employees 従業員数
Employees
As of June 30, 2021, Olaplex employed 82 employees, 80 of which are based in the United States and two of which are based in the U.K. We also leverage contractors to supplement work in areas that are quickly growing such as technology, operations and accounting. We do not have any employees governed by a union. We utilize a PEO to administer our human resources, payroll and employee benefits functions for our U.S. employees, who are co-employed by the PEO.
2021年6月30日現在、Olaplexは82名の従業員を雇用しており、うち80名は米国に、2名は英国に拠点を置いています。また、技術、オペレーション、会計など急速に成長している分野では、契約社員を活用して業務を補完しています。当社には組合に加盟している従業員はいません。当社はPEOを利用して、人事、給与、福利厚生を管理しており、米国内の従業員はPEOと共同雇用しています。
Since the Acquisition in January 2020, we have hired 53 employees, focusing primarily on building key capabilities at the executive level, organizational capabilities such as human resources, information technology, legal, finance and accounting, sales and marketing.
Culture 文化
Culture
We believe our commitment to our heritage in the haircare space and encouragement of our employees to bring their whole self to work has created a culture that is paramount to our success. We embrace our employees’ families as our own, one another as friends and celebrate life events as if we were together. We are passionate about what we do, how our products impact lives and what our brand means to our community.
私たちは、ヘアケア分野における伝統を守り、社員が自分らしさを発揮できるようにすることが、私たちの成功に最も重要な文化であると信じています。私たちは、社員の家族を自分の家族のように、お互いを友人のように受け入れ、まるで一緒にいるかのように人生のイベントを祝います。私たちは、自分たちの仕事、私たちの製品が人々の生活に与える影響、そして私たちのブランドが地域社会に与える影響に情熱を持っています。
Diversity, Equity, and Inclusion 多様性、公平性、包括性
Diversity, Equity, and Inclusion
DEI remains a key differentiator in both our consumer strategy and internal culture. We remain committed to supporting and standing up for our community with our talent, content, message and product offering. As of June 30, 2021, 77% of our employees identify as female and 41% identify as a race other than Caucasian. We know through experience that different ideas, perspectives and backgrounds create a stronger and more creative work environment that can deliver better results.
DEIは、消費者戦略と社内文化の両方において、重要な差別化要因であり続けています。私たちは、人材、コンテンツ、メッセージ、製品の提供を通じて、コミュニティを支援し、立ち上がることを約束し続けます。2021年6月30日現在、従業員の77％が女性であり、41％が白人以外の人種であることを認識しています。私たちは経験上、異なるアイデア、視点、背景がより強力で創造的な職場環境を作り出し、より良い結果をもたらすことができることを知っています。
In January 2021, we established DEI Champions who reinforce our collective commitment to foster a diverse, equitable and inclusive culture. Their roles are to identify opportunities to further engage our teammates through training and education, encouraging candidate conversations and leading by example. The team is led by five individual volunteers across different departments and have a strong representation of race and sexual orientation.
Compensation and Benefits 報酬と福利厚生
Compensation and Benefits
The core objective of our compensation program is to provide a package that will attract, motivate and reward exceptional employees. Through our “Healthy Hair ~ Healthy Body ~ Healthy Mind” wellness strategy, we are committed to providing comprehensive benefit options that will allow our employees and their families to live healthier and more secure lives. We leverage both formal and informal programs to identify, foster and retain top talent.
当社の報酬制度の基本的な目的は、優れた従業員を惹きつけ、意欲を高め、報いるためのパッケージを提供することです。「健康な髪〜健康な体〜健康な心」ウェルネス戦略を通じて、社員とその家族がより健康で安心した生活を送れるよう、包括的な福利厚生オプションを提供することに取り組んでいます。優秀な人材を発掘し、育成し、維持するために、公式・非公式両方のプログラムを活用しています。
Government Regulation 政府規制
Our cosmetic products are subject to regulation by the FDA and the FTC in the U.S., as well as various other local and foreign regulatory authorities, including those in the European Union (“E.U.”), and other countries in which we operate. These laws and regulations principally relate to the ingredients, proper labeling, advertising, packaging, marketing, manufacture, safety, shipment and disposal of our products.
The Federal Food, Drug and Cosmetic Act (“FDCA”), defines cosmetics as articles or components of articles intended for application to the human body to cleanse, beautify, promote attractiveness, or alter the appearance, with the exception of soap. The labeling of cosmetic products is subject to the requirements of the FDCA, the Fair Packaging and Labeling Act, the Poison Prevention Packaging Act and other FDA regulations. Cosmetics are not subject to pre-market approval by the FDA; however, certain ingredients, such as color additives, must be pre-approved for the specific intended use of the product and are subject to certain restrictions on their use. If a company has not adequately substantiated the safety of its products or ingredients by, for example, performing appropriate toxicological tests or relying on already available toxicological test data, then a specific warning label is required. The FDA may, by regulation, require other warning statements on certain cosmetic products for specified hazards associated with such products. FDA regulations also prohibit or otherwise restrict the use of certain types of ingredients in cosmetic products.
In addition, the FDA requires that cosmetic labeling and claims be truthful and not misleading. Moreover, cosmetics may not be marketed or labeled for their use in treating, preventing, mitigating, or curing disease or other conditions or in affecting the structure or function of the body, as such claims would render the products to be a drug and subject to regulation as a drug. The FDA has issued warning letters to cosmetic companies alleging improper drug claims regarding their cosmetic products, including, for example, product claims regarding hair growth or preventing hair loss. In addition to FDA requirements, the FTC as well as state consumer protection laws and regulations can subject a cosmetics company to a range of requirements and theories of liability, including similar standards regarding false and misleading product claims, under which FTC or state enforcement or class-action lawsuits may be brought.
In the United States, the FDA has not promulgated regulations establishing GMPs for cosmetics. However, FDA’s draft guidance on cosmetic GMPs, most recently updated in June 2013, provides recommendations related to process documentation, recordkeeping, building and facility design, equipment maintenance and personnel, and compliance with these recommendations can reduce the risk that FDA finds such products have been rendered adulterated or misbranded in violation of applicable law. FDA also recommends that manufacturers maintain product complaint and recall files and voluntarily report adverse events to the agency. The FDA monitors compliance of cosmetic products through market surveillance and inspection of cosmetic manufacturers and distributors to ensure that the products are not manufactured under unsanitary conditions, or labeled in a false or misleading manner. Inspections also may arise from consumer or competitor complaints filed with the FDA. In the event the FDA identifies unsanitary conditions, false or misleading labeling, or any other violation of FDA regulation, FDA may request or a manufacturer may independently decide to conduct a recall or market withdrawal of product or to make changes to its manufacturing processes or product formulations or labels.
The FTC also regulates and can bring enforcement action against cosmetic companies for deceptive advertising and lack of adequate scientific substantiation for claims. The FTC requires that companies have a reasonable basis to support marketing claims. What constitutes a reasonable basis can vary depending on the strength or type of claim made, or the market in which the claim is made, but objective evidence substantiating the claim is generally required.
The FTC also has specialized requirements for certain types of claims. For example, the FTC’s “Green Guides” regulate how “free-of,” “non-toxic” and similar claims must be framed and substantiated. In addition, the FTC regulates the use of endorsements and testimonials in advertising as well as relationships between advertisers and social media influencers pursuant to principles described in the FTC’s Endorsement Guides. The Endorsement Guides provide that an endorsement must reflect the honest opinion of the endorser, based on “bona fide” use of the product, and cannot be used to make a claim about a product that the product’s marketer could not itself legally make. Additionally, companies marketing a product must disclose any material connection between an endorser and the company that consumers would not expect that would affect how consumers evaluate the endorsement. If an advertisement features endorsements from people who achieved exceptional, or even above average, results from using a product, the advertiser must have proof that the endorser’s experience can generally be achieved using the product as described; otherwise, an advertiser must clearly communicate the generally expected results of a product and have a reasonable basis for such representations.
Although the Green Guides and Endorsement Guides do not operate directly with the force of law, they provide guidance about what the FTC generally believes the Federal Trade Commission Act, or FTC Act, requires in the context using of “green” claims and endorsements and testimonials in advertising. Any practices inconsistent with the Green Guides and Endorsement Guides can result in violations of the FTC Act’s proscription against unfair and deceptive practices.
In the E.U., the sale of cosmetic products is regulated under the E.U. Cosmetics Regulation (EC) No 1223/2009 setting out the general regulatory framework for finished cosmetic products placed on the E.U. market. The overarching requirement is that a cosmetic product made available on the E.U. market must be safe for human health when used under normal or reasonably foreseeable conditions of use, taking account, in particular, of the following: (a) presentation including conformity with Directive 87/357/EEC regarding health and safety of consumers; (b) labelling; (c) instructions for use and disposal; (d) any other indication or information provided by the responsible person.
Generally, there is no requirement for pre-market approval of cosmetic products in the E.U. However, centralized notification of all cosmetic products placed on the E.U. market is required. Manufacturers are required to notify their products via the E.U. cosmetic products notification portal (“CPNP”). Manufacturers are responsible for safety of their marketed finished cosmetic products, and must ensure that they undergo an appropriate scientific safety assessment before cosmetic products are sold. A special database with information on cosmetic substances and ingredients, known as CosIng, enables easy access to data on cosmetic ingredients, including legal requirements and restrictions. We rely on expert consultants, Obelis, for our E.U. product registrations and review of our labelling for compliance with E.U. regulation.
The E.U. Cosmetics Regulation requires the manufacture of cosmetic products to comply with GMPs, which is presumed where the manufacture is in accordance with the relevant harmonized standards. In addition, in the labelling, making available on the market and advertising of cosmetic products, text, names, trademarks, pictures and figurative or other signs must not be used to imply that these products have characteristics or functions they do not have; any product claims in labelling must be capable of being substantiated.
The U.K. has left the E.U. and will no longer be required to comply with E.U. law. However, the European Union (Withdrawal) Act provides that EU-derived domestic legislation, as it had effect in domestic law immediately before exit day, continues to have effect in domestic law on and after exit day. The E.U. Cosmetics Regulation continues to be applicable to Great Britain (England, Scotland and Wales). Northern Ireland will continue to be subject to E.U. law under the Northern Ireland Protocol annexed to the E.U.-U.K. Withdrawal Agreement.
We are also subject to a number of U.S. federal and state and foreign laws and regulations that affect companies conducting business on the Internet, including consumer protection regulations that regulate retailers and govern the promotion and sale of merchandise. Many of these laws and regulations are still evolving and being tested in courts, and could be interpreted in ways that could harm our business. These may involve user privacy, data protection, content, intellectual property, distribution, electronic contracts and other communications, competition, protection of minors, consumer protection, telecommunications, product liability, taxation, economic or other trade prohibitions or sanctions and online payment services. We are subject to federal, state, local and international laws regarding privacy and protection of people’s data. U.S. federal, state and foreign laws and regulations are evolving and can be subject to significant change. In addition, the application, interpretation and enforcement of these laws and regulations are often uncertain, and may be interpreted and applied inconsistently from country to country and inconsistently with our current policies and practices. In the E.U., the GDP, is a E.U. law instrument seeking to strengthen individuals’ fundamental rights and facilitate business by clarifying rules for companies and public bodies by setting a high standard for personal data protection throughout the E.U., imposing a strict data protection compliance regime and providing for stricter punitive enforcement regime. The GDPR applies to the processing and transfer of personal data. The term ‘processing’ is broadly defined to include collection, recording, organization, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, alignment or combination, restriction, erasure or destruction. From 1 January 2021, the GDPR has been retained in U.K. national law by virtue of the U.K. GDPR and U.K. DPA. Additionally, a recent decision from the CJEU and related regulatory guidance may impact our ability to transfer personal data from the EEA or U.K. to the United States and other jurisdictions. The CCPA requires many companies that process information about California residents, including us, to make disclosures to consumers about their data collection, use and sharing practices, and, in some instances, allows California residents to request access to or the erasure of their personal information as well as to opt out of the sale of such information to third parties. It also creates a private right of action and statutory damages where the failure to adopt certain security measures results in a data breach compromising specific data elements related to California residents. In addition, in November 2020, California voters approved the CPRA, the most material provisions of which go into operation on January 1, 2023. The CPRA would, among other things, give California residents the ability to limit the use of their sensitive information, provide for penalties for CPRA violations concerning California residents under the age of 16, and establish a new California Privacy Protection Agency to implement and enforce the law. There are also a number of legislative proposals pending before the U.S. Congress, various state legislative bodies and foreign governments concerning privacy and data protection, which could affect us. Some observers have noted that the CCPA, CPRA and the newly passed VCDPA could mark the beginning of a trend toward more stringent privacy legislation in the United States, which could increase our potential liability and adversely affect our business, results of operations, and financial condition. If our privacy or data security measures fail to comply with applicable current or future laws and regulations, we may be subject to litigation, regulatory investigations, enforcement notices requiring us to change the way we use personal data or our marketing practices, fines or other liabilities, as well as negative publicity and a potential loss of business.
Environmental Matters 環境関連
Compliance with environmental laws and regulations impacting our global operations has not had, and currently is not anticipated to have, a material adverse effect on our financial position, capital expenditures or competitive position.
Legal Proceedings 法的手続
From time to time, we may become involved in litigation or other legal proceedings incidental to our business, including, litigation related to intellectual property, regulatory matters, contract, advertising and other consumer claims. We are not currently a party to any litigation or legal proceeding that, in the opinion of our management, is likely to have a material adverse effect on our business, results of operations, financial condition or cash flows. However, management’s assessment of our current litigation and other legal proceedings could change in light of the discovery of facts with respect to legal actions or other proceedings pending against us not presently known to us or determinations by judges, juries or other finders of fact that are not in accord with management’s evaluation of the possible liability or outcome of such litigation or proceedings. Reasonably possible losses in addition to the amounts accrued for such litigation and legal proceedings are not material to our consolidated financial statements. In addition, we believe that protecting our intellectual property is essential to our business and we have in the past, and may in the future, become involved in proceedings to enforce our rights. Regardless of outcome, litigation can have an adverse impact on our reputation, financial condition and business, including by utilizing our resources and potentially diverting the attention of our management from the operation of our business.
出典：
https://www.sec.gov/Archives/edgar/data/0001868726/000119312521259313/d164089ds1.htm#toc164089_15
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