THE WHAT? Mousse Partners has pocketed US$95.2 million from the IPO of hair care brand Olaplex, according to a report published by Bloomberg Wealth.

THE DETAILS Olaplex raised US$1.6 billion via its flotation last week, Bloomberg reports, increasing its offer and pricing above the marketed range of US$17 to US$19 a piece, at US$21 each.

The investment firm for the family behind Chanel has retained a stake in Olaplex worth approximately US$800 million, Bloomberg notes.

THE WHY? The hair care category is booming as a result of the pandemic, with consumers perceiving value in terms of performance and increasingly adopting more elaborate rituals beyond cleansing and conditioning. Sales of the indie hair care brand rose 90 percent yoy in 2020, hitting US$282.3 million. Olaplex will use the finds raised to expand its product range.