It’s a french variation of [name_f]Olivia[/name_f], and looks like it so in that regard I think it works as a name and doesn’t look/sound made up. That said, in the states (in English) it would be mispronounced and I want to pronounce it oh-lih-VEE, much like [name_f]Olivia[/name_f] without the ‘uh’ (and emphasis adjusted), not oh-la-VEE. Either of those pronunciations are quite nice.
[name_f]My[/name_f] biggest concern would be people saying ol-liv-ee, which sounds weird, like an adjective (“It was a really good dinner, but a little too olive-y” – if you catch my drift).