22 November 2023
The beauty industry disruptor, Orveon, plans to relocate to 579 Fifth Avenue, signaling its ambition to challenge established players in the market.
Orveon, a private equity-backed company aiming to revolutionize the beauty industry, has recently secured a lease for office space at 579 Fifth Avenue in New York City. The move comes as Orveon seeks to establish itself as a sustainable face care expert with a strong emphasis on skincare. With the support of private equity firm Advent International, Orveon has already acquired well-known cosmetics brands such as Laura Mercier, Buxom, and Bare Minerals. The company’s decision to relocate to a new office space reflects its continued growth and ambition to challenge established players in the beauty industry.
Orveon’s Move to 579 Fifth Avenue:
Orveon has signed a six-year lease for 22,763 square feet on the ninth and tenth floors of Stawski Partners’ 17-story building at the corner of Fifth Avenue and East 47th Street. The lease was brokered by JLL, with an asking rent of $65 per square foot. The move to 579 Fifth Avenue signifies Orveon’s intention to establish a prominent presence in the heart of New York City, a hub for the beauty industry. The company’s current location is at WeWork on 500 Fifth Avenue, but the timeline for the move to its new offices is yet to be confirmed.
Orveon’s Vision and Growth Strategy:
Founded in 2021, Orveon aims to disrupt the beauty industry by becoming a leading sustainable face care expert, focusing on skincare. CEO Pascal Houdayer, in an interview with Vogue, emphasized the company’s commitment to sustainability and its goal to challenge the industry’s established players. In line with this vision, Orveon has already acquired cosmetics brands Laura Mercier, Buxom, and Bare Minerals. Additionally, the company appointed a chief transformation officer in April to expand its portfolio with a skin care brand, as reported by Women’s Wear Daily. These strategic moves demonstrate Orveon’s determination to diversify its offerings and establish a strong foothold in the beauty market.
The Role of Private Equity:
Orveon’s growth and expansion have been facilitated by private equity firm Advent International. Private equity backing provides Orveon with the necessary financial resources and expertise to execute its ambitious plans. Advent International’s support enables Orveon to acquire established beauty brands and invest in research and development to enhance its product offerings. The partnership between Orveon and Advent International highlights the significance of private equity in fueling innovation and disruption within the beauty industry.
Implications for the Beauty Industry:
Orveon’s emergence as a formidable player in the beauty industry poses both challenges and opportunities for established brands. With a focus on sustainability and skincare, Orveon aims to capture market share by appealing to conscious consumers seeking environmentally friendly and effective beauty products. The company’s acquisition of well-known brands signals its intent to disrupt the market through a diversified portfolio. Established players in the beauty industry may need to adapt their strategies to compete effectively with Orveon’s innovative approach.
Conclusion:
Orveon’s decision to secure new office space at 579 Fifth Avenue reflects its ambition to challenge established players in the beauty industry. With private equity firm Advent International’s support, Orveon is well-positioned to disrupt the market and become a leading sustainable face care expert. The company’s acquisitions and strategic investments demonstrate its commitment to diversifying its offerings and appealing to conscious consumers. As Orveon continues to grow, the beauty industry can expect increased competition and innovation, ultimately benefiting consumers with a wider range of sustainable and effective beauty products.
