Estee Lauder has bought an interest in South Korea’s Have & Be, which owns the skin care brands Dr Jart+ and Do The Right Thing.
The deal is further evidence of the growing market strength and popularity of South Korea’s cosmetics industry.
Terms of the investment were not disclosed but the deal is expected to be settled in December.
Launched online in 2005 by ChinWook Lee, Dr Jart+ is a Seoul-based, global high-growth skin care brand featuring quality and innovative products designed to address specific skin care needs. The brand’s unique fusion of dermatological science and art – as reflected in the brand name, which is inspired by the phrase “Doctor Joins Art” – appeals to a broad range of consumers, especially millennials. Dr Jart+ is sold in many countries around the world, primarily in Asia and the US, through various department stores, specialty-multi and eCommerce channels including Sephora.
“We are thrilled to announce our partnership with Dr Jart+,” said Fabrizio Freda, president and CEO of The Estee 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.”
ChinWook Lee said as the Korean beauty wave “continues to flourish globally”, his company is excited about the additional opportunities, support and guidance The Estee Lauder Companies will bring to the brands.
“This is a tremendous moment for the Dr Jart+ team and for the continued growth of Korean beauty.”
The Estee Lauder investment also includes an interest in Do The Right Thing (DTRT), a men’s-focused skin care brand that fuses Korean innovation with a bold New York style. Founded by Lee in 2012, DTRT’s line of cleansers, lotions, moisturisers and serums are sold in Korea through various channels and in the US through Sephora and BirchboxMan.
“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 Estee Lauder Companies.
“Dr Jart+ and The Estee Lauder Companies share an entrepreneurial heritage as well as a commitment to innovation and creativity. We have great respect for this brand, and we appreciate the opportunity to support and advise Mr Lee and his team as they continue to grow Dr Jart+ globally.”
Estee Lauder’s products are sold in over 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, Tommy Hilfiger, Mac, Kiton, La Mer, Bobbi Brown, Donna Karan New York, DKNY, Aveda, Jo Malone London, Bumble and bumble, Michael Kors, Darphin, GoodSkin Labs, Tom Ford, Ojon, Smashbox,Ermenegildo Zegna, Aerin, Osiao, Marni, Tory Burch, Rodin olio lusso, Le Labo, Editions de Parfums Frédéric Malle and Glamglow.