Estee Lauder bought South Korean Dr Jart+ Brand

Estee Lauder has acquired the remaining two-thirds it does not already own of Have & Be, the Seoul-based company behind skincare brand Dr Jart+.

The global cosmetics company bought a minority stake in Have & Be in December 2015 and expects to close on the balance next month.

With Dr Jart+, Estee Lauder hopes to strengthen its leadership position in Asia Pacific and be able to expand further there and in North America and the UK.

“The Estee Lauder Companies is the ideal home for our brands,” said Chin Wook Lee, founder and CEO of Have & Be. “Since the beginning of our partnership four years ago, the company has shared its 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.”

Since the partnership with Estee Lauder in 2015, Dr Jart+ has witnessed significant growth and is expected to achieve more than US$500 million in net sales this calendar year. Have & Be’s total enterprise is valued at approximately US$1.7 billion.

President and CEO of The Estee Lauder Companies, Fabrizio Freda, says Dr Jart+’s focus on creating high-quality skin care products that fuse dermatological science, innovation capabilities and artistic expression make it a terrific, strategic addition to Estee Lauder’s diverse portfolio of prestige beauty brands.

“We look forward to continued global growth in the years to come.”

Founded in 2005, Dr Jart+ is now one of the fastest-growing skincare brands in the world. Its products are currently available in 36 markets internationally, through 5524 retail outlets.