Dr Jart+ to join Estée Lauder staple following buyout of Korea’s Have & Be

By Luke Barras-hill |

Dr-Jart-Esteebuy

Dr Jart+ is Estée Lauder’s first acquisition of an Asia-based beauty brand. 

The Estée Lauder Companies has announced it is to purchase the outstanding shares it does not already own in Seoul-based global skincare firm Have & Be Co Ltd.

In undertaking the acquisition, Estée Lauder will assume control of the remaining two thirds of the company behind Dr Jart+ and men’s grooming brand Do The Right Thing.

Estée Lauder had taken a minority investment in Have & Be in 2015. The company expects to leverage the purchase through debt and is eyeing a non-cash gain on its initial investment when the transaction closes.

Subject to regulatory approvals, this is expected to be in December.

Fabrizio Freda

Fabrizio Freda, President and Chief Executive Officer of The Estée Lauder Companies Inc.

FIRST BEAUTY BUY IN ASIA

Since being founded in 2005 by CEO ChinWook Lee in Korea, doctor brand Dr Jart+ has amassed a huge following and is now one of the fastest growing skincare brands in the market, with net sales set to tip $500m in 2019.

A statement read: “As one of the fastest growing skin care brands globally, Dr Jart+ is expected to help further strengthen The Estée Lauder Companies’ leadership position in skin care, and will especially help expand the company’s consumer reach in Asia/Pacific, North America, the United Kingdom and travel retail.”

Offering a range of moisturisers, masks, cleansers and serums, Dr Jart+ is currently sold in travel retail, speciality multi-channels, standalone shops, high-end department stores and e-commerce sites in more than 35 countries globally.

In the statement, Fabrizio Freda, President and Chief Executive Officer of The Estée Lauder Companies Inc praised the partnership with Dr  Jart+ over the years.

“As the Company’s first acquisition of an Asia-based beauty brand, Dr. Jart+’s focus on creating high-quality skin care products that fuse dermatological science, incredible innovation capabilities and artistic expression make it a terrific, strategic addition to our diverse portfolio of prestige beauty brands. We look forward to continued global growth in the years to come.”

Mr Lee, Founder and Chief Executive Officer of Have & Be 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.”

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