Operator: Our next question comes from Korinne Wolfmeyer with Piper Sandler. Please state your question.
Korinne Wolfmeyer: Hey, good morning, team. Thanks for the question. And Eric, best of luck in your next endeavors. First, I’d like to ask a little bit on if you could quantify that kind of like pull forward of sales in the specialty retail channel and how much that may have pulled out of Q2? And then on the marketing spend, if I did the math — I mean you’re trending at about, I think, 15% of sales on spend on marketing this year. That is significantly lower than what we still see with a lot of other beauty peers. So what gives you confidence that, that’s kind of like the right rate for Olaplex, and then as we think over the longer term, is that a proper sustainable rate going forward?
Eric Tiziani: Korinne, thank you very much. I’m going to take your first question and then pass it over to Amanda. Just simple, we’re not disclosing the number on that, but we just wanted to note some of the additional color that Q1 specialty retail was helped by some of those phasing shipments, but we’re not giving a quantification on that. And Amanda, on marketing…
Amanda Baldwin: On the marketing, yes. So I think, again, we took our time in the first quarter to make sure that we were focused on the planning for the rest of the year. So I think we definitely anticipate that throughout the rest of the year, we’ll continue to invest more heavily behind the brand. And as we noted before, in terms of we are very much on track for our long-range planning process. That’s — an important part of that is assessing the marketing level that’s appropriate. We feel like we are at the right level for this year. But as we noted before, that’s certainly one of the bigger things that we’ll think through to ensure that we have the right amount of investment behind this brand. And again, I would say it’s dollars, but it’s also where, when and how.
So it’s about not just the money, but what we’re spending on, the focus from the marketing point of view, the aesthetics of the brand and a lot of other things that go into that, I think are also equally important.
Operator: And our next question comes from Javier Escalante with Evercore ISI. Please state our question. Javier Escalante, are there lines open? Maybe you have yourself muted. Yes, I was muted.
Javier Escalante: Yes. Eric, a pleasure working with you and best of luck in your new endeavors. I guess my question is with Amanda. I wonder whether you can elaborate more on the findings of this brand assessment that you mentioned, whether you drove for how differentiated the Olaplex brand is versus your key competitors, be it L’Oreal Redken, Unilever’s K18. I’m coming back to — and I understand that you already touched upon the marketing spending. But is 15% the right level given the size of the budgets of these two competitors? And I have a follow-up.
Amanda Baldwin: Absolutely. So I think what I heard was to go into more detail on the brand perception study. So what that really was immediately on joining the business, I think I felt that it was important to get grounded and where both the consumer as well as the PRO are in terms of what their understanding of the brand is. And to your point, really what’s our point of difference and where do we want to think about building the brand going forward? What was exciting about that was that it was very confirmatory of all the things that we spoke about on the first call in terms of the foundation that we’re building off of. This is a product that really works. This is science that people have a lot of confidence in. We have a tremendous heritage in the PRO that was really — we’ve been there to help them and really enhance their craft for — since the 10-year anniversary that we’re coming up on.
I think what we really believe that the opportunity lies is again around the things that we have talked about as key initiatives for us about better marketing the brand, better explaining the differentiation of that science, making sure that we’re getting credit for truly — true product that delivers. And beyond that, also building a brand, which is something that we’ve also spoken about that there is the science and the underlying product quality and then how do we really create an emotional connection with both the PRO as well as the consumer. And one of our first things. And again, we spoke a little bit about this today, was really reconnecting with the PRO on a personal, on an emotional level. There’s a lot more to come in that as we really focus on that community.
So what I would say my biggest take-away from that research was that there is really that incredibly strong foundation that the brand health is quite strong. That doesn’t mean that there’s not work to do and not a lot of opportunity to better harness that, but what we’re working with from a really fundamental point of view is quite strong. With respect to, again, the question with respect to marketing and what’s the appropriate dollar amount to do that, again, we feel like we have the right amount for this year, and we’ll continue to build on that. And I also spoke a little bit about an internal media hub that we’ve set up that is really going to allow us to look at the dollars that we’re spending, where we’re spending them. Making sure that we’re putting them in the right place and then using those results to inform our long-range plan.
So certainly a lot more to come on that. But at this point, we think we’ve got the right amount for this year.
