Estée Lauder Companies is set to acquire full ownership of Korea-based Have & Be Co. Ltd., the company behind Dr. Jart+ and men’s grooming brand Do The Right Thing.
The group’s first acquisition of an Asia-based beauty brand, the deal, which is expected to close next month, is predicted to help strengthen The Estée Lauder Companies’ leadership position in skin care. One of the fastest growing skincare brands globally, Dr. Jart+ is expected to reach more than $500 million in net sales in 2019.
Estée Lauder initially invested in Have & Be Co. Ltd. in 2015, taking a minority stake. Acquiring the remaining two-thirds of the company is set to help expand consumer reach in Asia and the Pacific, North America, the United Kingdom and travel retail.
With a devoted following among millennials in Asia and the United States, Dr. Jart+ is renowned for cutting-edge innovation and on-trend skincare products including face masks, moisturisers, cleansers and serums.
“The entrepreneurial spirit and creativity of Dr. Jart+ is a perfect fit for The Estée Lauder Companies,” said William P. Lauder, Executive Chairman of The Estée Lauder Companies Inc. “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.”
Have & Be Co. Ltd. has a market valuation of approximately $1.7 billion according to Estée Lauder Companies.
