OLPX · CIK 1868726
What Olaplex Holdings, Inc. told the SEC could break it.
Olaplex's supply is highly concentrated: its products generally rely on a single or limited number of third-party manufacturers, and one — Cosway — made products accounting for 54% of net sales and 52% of inventory purchases in 2025. That risk is sharpened by geography, since its finished products are primarily manufactured and fulfilled in Southern California, a region prone to earthquakes, wildfires, floods and droughts, so a disaster there could halt supply given how few manufacturers it uses. Its customer base is concentrated too — one customer represented 18% of net sales in 2025 — so losing a major customer would materially cut revenue.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Sole-source dependency
- Reliance on a single/limited number of contract manufacturers (Cosway 54%)high
Olaplex's products rely on a single or limited number of third-party manufacturers, with one (Cosway) making products accounting for 54% of net sales and 52% of inventory purchases — a major single-supplier dependency.
“Our products generally rely on a single or a limited number of manufacturers. One company, Cosway, manufactured products that accounted for 54% of our net sales and 52% of our inventory product purchases in 2025.”
SEC filing →As of 2026
Climate & physical
- Manufacturing concentrated in Southern California (earthquake/wildfire)medium
Finished products are primarily manufactured and fulfilled by companies in Southern California, an area prone to earthquakes, wildfires, floods, and droughts — disasters there could halt supply given reliance on few manufacturers.
“Our finished products are primarily manufactured and fulfilled by companies located in Southern California, an area which has a history of earthquakes, wildfires, floods and droughts.”
SEC filing →As of 2026
Customer concentration
- One customer ~18% of net sales (largest customers concentrated)medium
Olaplex depends on a limited number of customers — one represented 18% of net sales in 2025 (three were 39% in 2024) — so loss of a major customer would materially reduce revenue.
“During the year ended December 31, 2025, one of our customers represented 18% of our total net sales. We expect that certain of our largest customers will continue to account for a substantial portion of our net sales for”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Cosway Company Inc.
“Cosway Company Inc. (“Cosway”) manufactured products that accounted for 54% of our net sales and 52% of our inventory product purchases in 2025 .”
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