The Estée Lauder Companies has announced that it has signed an agreement to purchase an interest in Have & Be Co, the company behind K-beauty skin care brand Dr Jart+ and male grooming range Do The Right Things, for an undisclosed sum. The deal is expected to close by the end of the year.
Dr Jart+ was one of the trailblazing brands behind the development and rapid proliferation of BB creams across the globe. “Global consumers look to Korea as a trendsetting market in beauty, and the Dr Jart+ brand is part of the reason why,” said William P Lauder, Executive Chairman of The Estée Lauder Companies.
“We are thrilled to announce our partnership with Dr Jart+,” said Fabrizio Freda, President and Chief Executive Officer of The Estée Lauder Companies. “This investment gives our company a strategic opportunity to develop a partnership with one of Korea’s most promising high-growth skin care brands. ChinWook Lee and his team have built a successful and exciting brand that is at the forefront of the rapidly expanding Korean beauty wave. We are pleased to partner with Mr Lee and we look forward to building a long-term, strategic relationship with the entire Dr Jart+ team.”
ChinWook Lee, Founder and Chief Executive Offier of Have & Be Co added, “I am delighted to partner with The Estée Lauder Companies. As the Korean beauty wave continues to flourish globally, we are excited about the additional opportunities, support and guidance that The Estee Lauder Companies will bring to our brands. This is a tremendous moment for the Dr Jart+ team and for the continued growth of Korean beauty.”
The news was not unexpected, with Lauder widely expected to announce acquisitions this fall, following a spending spree that saw the company purchase four new brands in the same season last year.