TAGS: Decorative Cosmetic
Advent International (“Advent”) has announced the closing of a definitive agreement with Shiseido Americas Corporation (“Shiseido Americas”), a subsidiary of Shiseido Company, Limited (“Shiseido”). Under this a newly formed affiliate of Advent, Orveon, has acquired three of Shiseido Americas’ iconic cosmetics brands, bareMinerals, BUXOM and Laura Mercier.
Serve Beauty & Wellness Market
Accelerating the growth of these brands will be paramount, homing in on their quality, innovation and authenticity. Upon closing, employees of bareMinerals, BUXOM and Laura Mercier, as well as about 350 employees in corporate support functions, moved from Shiseido to the newly formed parent company, Orveon.
Pascal Houdayer will serve as chief executive officer of Orveon, or “Social Architect,” as he describes himself, bringing more than 30 years of Beauty / Cosmetics industry and management experience. Under Houdayer, Orveon’s mission will be to go more than skin deep and focus on helping people move from “looking beautiful” to “feeling great.” Recognizing the diverse range of consumers being served in the beauty and wellness market, Orveon is on a quest for a more inclusive, sustainable and united community in which deliberate action fosters fair and positive change.
“
With Orveon, we are embarking on a journey to bring the world a new type of beauty company defined by solidarity, stark honesty and benevolent activism,” said Houdayer.
Development of New & Innovative Products
Orveon aims to bring additional innovation that both embraces these brands’ unique DNA while continuing to push towards skin health and overall wellness, enabling beauty built on a foundation of health. Further, Orveon will champion the values of bareMinerals, BUXOM and Laura Mercier and put the consumer at the center, while making measurable cultural strides toward a reimagined world of beauty and creating a genuine bond with the consumer they serve both online and offline.
Plans for development of new and innovative products, category and market expansion, and potentially acquisitions of additional brands aligned with its mission, will further demonstrate Orveon’s commitment to customers everywhere.
As a global private equity firm that believes in the power of consumer brands and equips them for innovation and growth, Advent recognized the potential in creating Orveon to lead bareMinerals, BUXOM and Laura Mercier on a path to continued success. This purchase follows Advent’s acquisition of prestige hair-care brand Olaplex in January 2020.
“
We are thrilled to bring together three leaders in prestige beauty to build Orveon and are thankful toward Shiseido for being a supportive partner throughout this transaction,” said Tricia Glynn, a managing director at Advent.
Source: Advent International