THE WHAT? Coty has announced a licensing agreement with luxury brand Orveda, expanding its reach in the premium skincare market.
THE DETAILS As part of the agreement, Coty plans to integrate Orveda into its prestige portfolio, with Coty developing, manufacturing and distributing the full range of Orveda products globally.
According to a press release, Orveda’s brand and product development, and global marketing will be managed by Coty Chief Prestige Brands Officer, Constantin Sklavenitis. Meanwhile Orveda co-founder and sole owner Nicolas Vu will continue to lead the company as its CEO and partner closely with Coty on the brand’s development, in addition to advising the company on its Diversity, Equity and Inclusion agenda.
THE WHY? With a 22-SKU range of healthy skin glow activators, Orveda’s luxe appeal aligns with Coty’s mission to dominate the prestige skincare market.
Sklavenitis said, “We are thrilled to welcome Orveda to Coty and look forward to further accelerating the industry-disrupting, high-performance skincare line that has built a cult following in just a few years.
“Building a best-in-class skincare offering is a key strategic priority for Coty and the addition of Orveda to our product lineup 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.”