The Estée Lauder Companies Inc. has just acquired the cult Korean beauty brand, Dr. Jart+ in November 2019. The company bought Have & Be Co. Ltd, the Seoul-based company that created Dr. Jart+.
Before the acquisition, The Estée Lauder Companies Inc. already had an investment in the company, and now it will be purchasing the remaining two-thirds of the parent company, Have & Be Co. Ltd. Along with the corporation’s namesake brand, Estée Lauder, the corporation also owns a wide range of familiar beauty brands like MAC Cosmetics, Too Faced, and La Mer. Dr. Jart+ will be joining these brands under the Estée Lauder Companies’ umbrella. MAC Cosmetics has a collection with Korean influencer, PONY.
Since its inception in 2005, Dr. Jart+ has grown to become an internationally recognized Korean beauty label. Dr. Jart+ is a high-growth, global skincare brand that is fuelled by cutting-edge innovation in its wide variety of skincare products. It is a cult favorite amongst Korean beauty enthusiasts all over the world, and its products are taking the world by storm. Not only does it produces K-pop star’s favorite skincare products, but it also has some of the best-selling sheet masks, which include Dr. Jart+ Rubber Mask Bright Lover.
It is one of the first Asian and Korean skincare and beauty company that has been acquired by Estée Lauder. It remains to be seen what kind of growth happens to post the completion of the acquisition. With its widespread popularity, The Estée Lauder Companies Inc. are understandably excited about the purchase.
In the acquisition announcement, Fabrizio Freda, president, and CEO of The Estée Lauder Companies Inc. said, “As the Company’s first acquisition of an Asia-based beauty brand, Dr. Jart +’s focus on creating high-quality skincare 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.”
A similar sentiment was shared by ChinWook Lee, founder and CEO of Have & Be Co. Ltd. “Since the beginning of our partnership four years ago, the Company has shared our mission to provide the very best skincare 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.”
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