Fashion
Estée Lauder Companies has tied up a deal to buy an interest in Have & Be Co, the South Korean company behind skincare brands Dr. Jart+ and men’s-focused Do The Right Thing for an undisclosed amount. The deal is expected to close in December.
Dr. Jart+ is a Seoul-based, skincare brand first launched online by ChinWook Lee in 2005 which has a particular appeal for millennials, a target for ELC. It has pioneered the proliferation of BB creams across the globe and, today, its BB line is a consumer favourite.
The brand claims to fuse dermatological science and art – hence its name which is derived from ‘Doctor Joins Art’. It is sold in many countries, but primarily in Asia and the US via department stores, speciality stores as well as e-commerce channels including LVMH’s Sephora.
Korean beauty brands have been performing extremely well in the domestic and duty free and travel retail channels in the country for a number of years – in many cases much better than products from international houses. Just recently Chanel pulled out of the DF&TR market at Incheon Airport, signalling a likely market shift.
STRATEGIC PARTNERSHIP
Fabrizio Freda, President and CEO of ELC says: “This investment gives our company a strategic opportunity to develop a partnership with one of Korea’s most promising high-growth skincare 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. We are pleased to partner with Mr Lee and we look forward to building long-term, strategic relationship with the entire Dr. Jart+ team.”
ChinWook Lee, Founder and CEO of Have & Be Co, adds: “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.”
ELC’s investment also includes an interest in Do The Right Thing (DTRT), a men’s-focused brand fusing Korean cosmetics with a New York style. Founded 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,” says William P. Lauder, ELC’s Executive Chairman.
