- Robyn Turk |
The Estée Lauder Companies, Inc. is expanding its empire. The leading beauty manufacturer and marketer, whose portfolio already includes a number of name-brand skincare, makeup, fragrance and hair care brands, has announced the acquisition of Have & Be Co. Ltd. The deal is expected to close next month.
A Seoul-based, global skin care company, Have & Be includes skincare label Dr. Jart+ and men’s grooming brand Do The Right Thing. Estée Lauder previously held a minority investment in the company. Its new acquisition of Have & Be is Estée Lauder's first Asia-based beauty brand, and is expected to help strengthen the company's reach in the Asian, North American and United Kingdom markets, as well in travel retail.
“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," Fabrizio Freda, president and CEO of the Estée Lauder Companies, said in a statement.
Dr. Jart+ was founded in 2005 by CEO ChinWook and has developed into a high-growth, global skin care brand that is known for cutting-edge innovation that offers a wide variety of high-performing skin care products. Its product range is currently sold in more than 35 countries globally through multiple channels such as travel retail, freestanding stores, high-end department stores and e-commerce sites.
“The Estée Lauder Companies is the ideal home for our brands,” Lee stated. “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.”