The product was developed by two chemists, Eric Presley and Craig Hawker, and is advertised to rebuild broken bonds in hair caused by chemical, thermal, and mechanical damage.

Olaplex

Henkel said the deal will allow the company to further invest in its haircare segments, while Olaplex said the acquisition will create opportunities for innovation and growth. The company had previously struggled on the Nasdaq, trading at just over $1 per share as of Wednesday’s close.

Olaplex to be acquired by German company Henkel in $1.4 billion deal

Haircare brand Olaplex went from a startup to a multibillion-dollar company in seven years, but the brand has faced complaints and lawsuits from customers who say its products harmed them.

The rise and fall of Olaplex

L'Oréal plans to appeal the U.K. decision.

Olaplex is an independent company.

Olaplex