Sue Nabi, a former L’Oréal president, founded the unisex premium skin care brand in 2014 – but is said to have no involvement in the business since joining Coty last year
Sue Nabi is said to have left the business she co-founded when she joined Coty
Coty, the beauty owner of CoverGirl and Kylie Cosmetics, has on-boarded the premium skin care brand founded by its CEO.
Orveda was established by Sue Nabi, now Coty’s Chief Executive and a former L’Oréal President, in 2014, alongside Nicolas Vu, to be a skin care brand that would pioneer a healthier and more positive vision of beauty.
Nabi, however, no longer has an ‘ownership interest’ in the business, according to Coty, or any formal role at the company, since joining its new owner in the summer of 2020.
Vu, therefore, is the sole owner of the business.
Coty has immediately begun to integrate Orveda into the brand and will begin developing, manufacturing and distributing its products globally.
Coty’s Chief Prestige Brands Officer, Constantin Sklavenitis, will be managing the account.
“We are thrilled to welcome Orveda to Coty and look forward to further accelerating the industry-disrupting, high-performance skin care line that has built a cult following in just a few years,” said Sklavenitis.
“Building a best-in-class skin care offering is a key strategic priority for Coty and the addition of Orveda to our product line-up is a major step toward achieving our goal, in particular since ultra premium is the fastest growing category.
“We also see great potential for Orveda in the Chinese market, a key strategic focus for Coty.”
Under its new ownership, Vu is expected to lead the company as CEO and will work alongside Coty on Orveda’s development.
“Coty knows that high-performance, high quality, skin care is the future of luxury beauty,” added Vu.
“We are excited about the support that Coty’s scale and resources will provide as we continue to introduce Orveda worldwide.
“I would like to thank Coty’s Board, led by Peter Harf, for this opportunity and for choosing Orveda as a diversity-owned brand, which is also testament to the company’s focus on diversity, equity and inclusion.”
More details of Orveda’s integration into Coty will be revealed in Coty’s report for the period ending 31 December.