The Estée Lauder Companies Inc. has announced it will acquire the outstanding two-thirds of shares in Have & Be Co., the company behind Dr. Jart+ and Do The Right Thing, in December 2019. This is Estée Lauder’s first acquisition of an Asia-based company and represents an expansion of its minority investment in Have & Be Co. in December 2015. Have & Be Co. is valued at about $1.7 billion.
Since the initial investment, Dr. Jart+’s growth has been significant, per the companies, and the brand is expected to reach more than $500 million in net sales for 2019.
Dr. Jart+, which was founded in 2005 by CEO ChinWook Lee, is a skin care brand that combines dermatological science and art–symbolized through its full name, Doctor Joins Art. It is available in more than 35 countries and offers a wide range of moisturizers, masks, cleansers and more. Estée Lauder hopes its acquisition will grow consumer reach in Asia/Pacific, North America, the United Kingdom and travel retail.
“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 CEO 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 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.”
“The Estée Lauder Companies is the ideal home for our brands,” said Lee, founder and CEO of Have & Be Co. Ltd. “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.”
On December 18, 2019, The Estée Lauder Companies Inc. (NYSE: EL) announced today that it has completed its acquisition of Have & Be Co. Ltd., the Seoul-based, global skin care company behind Dr. Jart+ and men’s grooming brand Do The Right Thing.