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“As the Korean beauty wave continues to flourish globally, we are excited about the additional opportunities, support and guidance that The Estée Lauder Companies will bring to our brands“ |
JinWook Lee Founder and Chief Executive Officer Have & Be Co. Ltd |
The Estée Lauder Companies Inc has signed an agreement to purchase an interest in Have & Be Co. Ltd, the South Korean company behind skincare brands Dr. Jart+ and Do The Right Thing.
Terms of the investment were not disclosed.
The deal is expected to close this December.
Launched online in 2004 by JinWook Lee, Dr. Jart+ is a Seoul-based, global high-growth skincare brand featuring what The Estée Lauder Companies described as quality and innovative products designed to address specific skincare 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, the company added.
Dr. Jart+ is sold in many countries, primarily in Asia and the USA, through various department stores, specialty-multi and e-commerce channels, including Sephora.
“We are thrilled to announce our partnership with Dr. Jart+,” said The Estée Lauder Companies Inc President and Chief Executive Officer Fabrizio Freda.
“This investment gives our company a strategic opportunity to develop a partnership with one of Korea’s most promising high-growth skincare brands. Chin-Wook Lee and his team have built a successful and exciting brand that is at the forefront of the rapidly expanding Korean beauty wave.
“We are pleased to partner with Mr Lee and we look forward to building long-term, strategic relationship with the entire Dr. Jart+ team.”
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Dr Jart+ is riding high on the Korean beauty wave | |
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“This investment gives our company a strategic opportunity to develop a partnership with one of Korea’s most promising high-growth skincare brands“ |
Fabrizio Freda President and Chief Executive Officer The Estée Lauder Companies |
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“Global consumers look to Korea as a trendsetting market in beauty, and the Dr. Jart+ brand is part of the reason why“ |
William Lauder Executive Chairman The Estée Lauder Companies |
“I am delighted to partner with The Estée Lauder Companies,” said Have & Be Co Founder and Chief Executive Officer JinWook Lee.
“As the Korean beauty wave continues to flourish globally, we are excited about the additional opportunities, support and guidance that The Estée Lauder Companies will bring to our brands. This is a tremendous moment for the Dr. Jart+ team and for the continued growth of Korean beauty.”
Since its founding, Dr. Jart+ has been a pioneer in the development and rapid proliferation of BB creams across the globe. Today, its BB cream line is highly popular in South Korea and other markets. The brand also sells a robust range of innovative skincare products – including moisturisers, cleansers, masks and serums – designed to address the needs of specific skin types.
The Estée Lauder Companies’ investment also includes an interest in Do The Right Thing (DTRT), a men’s-focused skincare brand that fuses Korean innovation with a bold New York style. Founded by Mr Lee in 2012, DTRT’s line of cleansers, lotions, moisturisers and serums are sold in Korea through various channels and in the USA 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 The Estée Lauder Companies Inc Executive Chairman William P. Lauder.
“Dr. Jart+ and The Estée 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.”
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Dr. Jart+ enjoys distribution across 15 countries in four continents |
