The Estée Lauder Companies to acquire Dr. Jart+ beauty brand
The Estée Lauder Companies has inked a deal to acquire the shares that it does not already own in Have & Be Co. Ltd, the Seoul-based, global skincare company behind Dr. Jart+ and men’s grooming brand Do The Right Thing. This is the company’s first acquisition of an Asia-based beauty brand.
Expected to close in December 2019, the acquisition follows the company’s December 2015 minority investment in Have & Be Co Ltd.
As one of the fastest-growing skincare brands globally, Dr. Jart+ is expected to help strengthen The Estée Lauder Companies’ leadership position in skincare, and will especially help expand the company’s consumer reach in Asia Pacific, North America, the UK and travel retail, the group said.
Since December 2015, Dr. Jart+ has experienced “significant growth” and is expected to reach more than US$500 million in net sales in calendar year 2019. Have & Be’s total enterprise is valued at approximately US$1.7 billion.
The acquisition is subject to certain conditions, including regulatory approvals.
Founded in 2005 by CEO ChinWook Lee in Seoul, South Korea, Dr. Jart+ offers a wide variety of high-performing skincare products. With a unique combination of dermatological science and art – as is reflected in the brand name, which is inspired by the phrase “Doctor Joins Art” – Dr. Jart+ appeals to a broad range of consumers and has a devoted following among millennials in Asia and the US.
Best known for its high-quality, on-trend skincare collections such as Cicapair and Ceramidin, the brand is renowned for its fast-moving innovation pipeline and rapid speed to market.
Sold through specialty-multi channels, travel retail, freestanding stores, high-end department stores and e-commerce sites in more than 35 countries globally, the brand offers a wide range of high-quality moisturizers, masks, cleansers and serums.
“We have built an incredible, long-term partnership with ChinWook Lee and his terrific team over the last four years, and we are so pleased to officially welcome this fast-growing and globally beloved brand into our portfolio,” said Fabrizio Freda, President and Chief Executive Officer of The Estée Lauder Companies Inc. “As the company’s first acquisition of an Asia-based beauty brand, Dr. Jart+’s focus on creating high-quality skincare 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.”
ChinWook Lee, Founder and Chief Executive Officer of Have & Be Co. Ltd, stated: “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 skincare 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.”
William P. Lauder, Executive Chairman of The Estée Lauder Companies Inc, said: “The entrepreneurial spirit and creativity of Dr. Jart+ is a perfect fit for The Estée Lauder Companies. As consumers increasingly focus on skincare and the category continues its rapid global growth, the influence of cutting-edge, scientifically-driven brands like Dr. Jart+ is undeniable. We are delighted to welcome ChinWook Lee and his entire team to our family.”
Jane Hertzmark Hudis, Group President, The Estée Lauder Companies Inc, will add Dr. Jart+ to the brand portfolio that she oversees.