Cosmetics giant Estée Lauder Companies Inc. has announced the pending acquisition of Have & Be Co. Ltd., the company behind the cult Korean beauty brand Dr. Jart+.
SOUTH KOREAN INNOVATION AT THE HEART OF THE PARTNERSHIP
The deal, which is expected to close next month, marks the first acquisition of an Asia-based business by Estée Lauder Inc. However, the two companies are already accustomed to working together: in 2015, Estée Lauder made a minority investment in Have & Be, and is set to acquire the remaining two-thirds of the Korean business.
"Dr. Jart+ has focused on creating high-quality skin care products that combine dermatological science, incredible innovation capabilities and artistic expression that make it a great strategic and diverse addition to our prestige portfolio," said Fabrizio Freda, President and CEO of The Estée Lauder Companies Inc. in a statement. "We look forward to continued global growth in the years ahead."
"Dr. Jart +'s entrepreneurial spirit and creativity are a perfect fit for the Estée Lauder Companies," added William P. Lauder, executive chairman of the Estée Lauder Companies Inc." As consumers become increasingly focused on skincare, the influence of leading science-based brands like Dr. Jart+ is undeniable. "
A DAZZLING INTERNATIONAL
A leading Korean cosmetics brand going global, Dr. Jart+ has grown significantly in recent years: in 2019, it is currently sold in over 35 countries and its net sales are estimated to be over $500 million. Since its creation in 2005 by Lee Chin Wook, the brand has gained cult status in the K-Beauty register, reinforced by its exclusive distribution at Sephora Europe.