The Estée Lauder Companies Inc. announced today that it has completed its acquisition of Have & Be Co. Ltd., the Seoul-based, global skincare company behind Dr. Jart+ and men’s grooming brand Do The Right Thing.
The deal marks the first time that The Estée Lauder Companies has acquired an Asia-based beauty house. The US company announced last month that it had agreed to acquire the remaining two-thirds of Have & Be Co. Ltd, net of cash acquired and subject to regulatory approvals and post-closing adjustments.
Since The Estée Lauder Companies’ initial minority investment in Have & Be Co. Ltd in 2015, Dr. Jart+ has experienced sustained growth. The skincare brand is expected to generate over US$500 million in net sales this year. It has performed particularly strongly in Asian travel retail, where it is handled with great success in numerous markets by Singapore-based Jonathan Holland & Associates.
The acquisition of Dr. Jart+ in particular, which is one of the fastest-growing skincare brands worldwide, is part of the American beauty giant’s strategy to strengthen its skincare portfolio and expand its reach in Asia Pacific, North America and travel retail.
Dr. Jart+ was founded in 2005 by CEO Chin Wook Lee. The global skincare brand offers a wide variety of high-performing skincare products, which include masks, cleansers, and serums. The brand is sold through specialty multi-channels, travel retail, freestanding stores, high-end department stores, and e-commerce. It is available in over 35 countries worldwide.
Speaking last month when the deal was announced, The Estée Lauder Companies Executive Chairman William Lauder said, “The entrepreneurial spirit and creativity of Dr. Jart+ is a perfect fit for The Estée Lauder Companies. As consumers increasingly focus on skincare and the category continues its rapid global growth, the influence of cutting-edge, scientifically-driven brands like Dr. Jart+ is undeniable. We are delighted to welcome Chin Wook Lee and his entire team to our family.”
Dr. Jart+ combines ‘dermatological science and art’ which is reflected in its brand name. This was originally coined from the term “Doctor Joins Art”. The brand has a loyal following in both Asia and North America. It has become well-known for its fast-moving and innovative product pipeline and fast speed-to-market capabilities.
Going strong on Globuy
As a lead business partner of The Moodie Davitt Report, Estée Lauder’s story has also appeared in Chinese and with a consumer voice on fast-growing Chinese B2C WeChat social media account Globuy [玩转全球免税], as part of a new collaboration between Globuy owner Extra-Aile Media in Shanghai and The Moodie Davitt Report. Globuy aims to become “the KOL of Chinese travel retail” and already has 400,000 followers and a monthly audience of 1 million views for its WeChat social media platform promoting new launches, product availability, promotions and special offers. Underlining the strong affinity and complementary nature of the two companies’ work, Globuy has dubbed The Moodie Davitt Report “the KOL of travel retail B2B media” Under the agreement, selected stories from The Moodie Davitt Report.com’s lead brand partners in beauty, fashion, luxury, confectionery and premium spirits are also published by Globuy in Chinese. These include product reviews by the Globuy team. Globuy is promoting The Moodie Davitt Report’s platform to China’s travel retail sector and to its own consumer audience in China. The Moodie Davitt Report subsequently also publishes a curated selection of Chinese consumer feedback on the chosen stories and will reveal the results of regular consumer surveys conducted in association with Globuy. |
