Estée Lauder takes control of Korean skincare firm Dr. Jart+
Estée Lauder Companies is set to acquire full ownership of Have & Be Co. Ltd and its two Korean beauty brands, Dr. Jart+and Do The Right Thing, it announced on Monday.
This is the group’s first acquisition of an Asia-based beauty brand, as part of a strategic plan to strengthen its position in the thriving skincare market and expand its presence in Asia/Pacific, North America, the United Kingdom and travel retail.
Estée Lauder first invested in the Seoul-based company in 2015, taking a minority stake.
Since then, skincare specialist Dr. Jart+ has grown to reach more than $500 million sales this year, boosted by a devoted following of millennials in Asia and the US. It benefits from rapid speed-to-market capabilities to produce on-trend skincare products such as moisturisers, masks, cleansers and serums, and is currently sold in more than 35 countries.
Estée Lauder said Have & Be. Ltd has a market valuation of about $1.7 billion. This also includes Do The Right Thing, a men’s grooming brand.
“The entrepreneurial spirit and creativity of Dr. Jart+ is a perfect fit for The Estée Lauder Companies,” said William Lauder, executive chairman of The Estée Lauder Companies.
“As consumers increasingly focus on skin care and the category continues its rapid global growth, the influence of cutting-edge, scientifically-driven brands like Dr. Jart+ is undeniable.”
ChinWook Lee, founder and CEO of Have & Be Co. Ltd., added: “The Estée Lauder Companies is the ideal home for our brands. Since the beginning of our partnership four years ago, the company has shared our mission to provide the very best skin care and beauty products to consumers around the world. We are excited for the opportunity to continue this partnership as we continue to innovate and grow our brands globally.”
Dr. Jart+ will join the portfolio of Estée Lauder brands supervised by Jane Hertzmark Hudis, group president. As such, it will join a family of successful beauty businesses including La Mer, Bobbi Brown, AERIN, Darphin, Origins, Aveda and Bumble and Bumble.
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