The Estée Lauder Companies announced today that it has signed an agreement to fully acquire Dr. Jart+ and the men’s grooming brand Do The Right Thing.
Dr. Jart+ is based in Seoul, Korea — making this ELC’s first acquisition of an Asia-based beauty brand.
Across the industry, executives are trying to revive sales in the U.S. by targeting younger shoppers and acquiring hot brands. Estee Lauder’s has added Too Faced and Becca, among others, to its stable. While the cosmetics giant was among final bidders for the millennial and Gen Z skin-care brand Drunk Elephant, according to Women’s Wear Daily, but lost out to Japan’s Shiseido Co.
Dr. Jart+ is one of the fastest growing skin care brands globally, and is expected to reach more than $500 million in net sales in 2019.
Estee Lauder first acquired a minority stake in the company in 2015 and since then it has grown to generate $500 million in revenue in 2019. Have & Be’s total enterprise is valued at approximately $1.7 billion. Now, Estee Lauder will acquire the remaining two-thirds of the company. The deal will help expand Estee Lauder’s reach in Asia/Pacific, North America, the United Kingdom and travel retail.
Jane Hertzmark Hudis, Group President, The EstéeLauder Companies Inc., will add Dr. Jart+ to the portfolio of brands that she oversees.
Fabrizio Freda, President and Chief Executive Officer of The Estée Lauder Companies Inc., comments, “As the Company’s first acquisition of an Asia-based beauty brand, Dr. Jart+’s focus on creating high-quality skin care 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.”
William P. Lauder, Executive Chairman of The Estée Lauder Companies Inc., says, “The entrepreneurial spirit and creativity of Dr. Jart+ is a perfect fit for The Estée Lauder Companies. As consumers increasingly focus on skin care and the category continues its rapid global growth, the influence of cutting-edge, scientifically-driven brands like Dr. Jart+ is undeniable.”
Founded in 2005 by CEO ChinWook Lee, the name is inspired by the phrase “Doctor Joins Art” — and combines dermatological science and art. The brand has a devoted following among millennials in Asia and the United States.
Dr. Jart+ is best known for on-trend skin care collections and innovative formulations, including Cicapair and Ceramidin. Sold through specialty-multi channels, travel retail, freestanding stores, high-end department stores and e-commerce sites in more than 35 countries globally, the brand offers a wide range of moisturizers, masks, cleansers and serums.
Freda adds, “We have built an incredible, long-term partnership with ChinWook Lee and his terrific team over the last four years, and we are so pleased to officially welcome this fast-growing and globally beloved brand into our portfolio.”
ChinWook Lee says, “The Estée Lauder Companies is the ideal home for our brands. Since the beginning of our partnership four years ago, the Company has shared our 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.”
Dec 15, 2015 6
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