The Estée Lauder Companies Inc. announced today they have signed a contract to acquire Have & Be Co. Ltd., the parent company behind the Korean skincare brand Dr. Jart+ and the men’s grooming brand Do The Right Thing.
This is the first Asian brand acquired by the Estée Lauder group and follows a growing interest among Western conglomerates in Asian beauty. The most notable examples are certainly AHC’s acquisition by Unilever in 2018 for $2.71 billion, and the recent acquisition of Stylenanda (3CE) by L’Oréal in 2018 for $371.6 million.
A long partnership
Prior to the announcement of the acquisition of Dr. Jart+ today, Estée Lauder made a small investment in Have & Be in 2015. The group acquired 33.3% of the company’s shares in a bid to grow their presence in Asia and reach a wider audience. After 4 years of successful partnership, Lauder agreed to acquire the remaining shares by December 2019 for an overall value of $ 1.7 billion.
The CEO of Have & Be Co, Lee Jin-Wook (이진욱 대표), announced he will continue working in the company, acting both as founder and creative director.
Innovation is key
According to Businesswire, Lee Jin-Wook said: “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.”
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.William P. Lauder, chairman of ELC
“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. We are delighted to welcome ChinWook Lee and his entire team to our family.”