After buying a minority stake in Have & Be Co. back in 2015, Estée Lauder Companies Inc. is set to expand in Asia, with a deal to buy full control of the Seoul-based brand and parent company to Dr. Jart+ and Do The Right Thing. The deal also brings the latter two brands fully into the fold.
Lauder is buying the two-thirds of the company it doesn’t already own for around $1.1 billion, giving Have & Be Co. an enterprise value of about $1.7 billion, according to reports by WWD.
This is the beauty giant’s first acquisition of Asia-based beauty brands, and the deal brings Lauder a significant new business to build on.
“As the addition of the first midsized, fast-growing Asia-based global skincare brand to our portfolio, Dr. Jart+ has tremendous momentum and potential across channels and geographies, especially in Korea, China, the United States, [Europe, the Middle East and Africa], the U.K., and travel retail,” Lauder president and chief executive officer, Fabrizio Freda, told WWD.
Have & Be Co. founder, ChinWook Lee, said the company is excited to continue the partnership, as it innovates and grows its brands globally.
“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 skincare and beauty products to consumers around the world,” said Lee.
The deal, which will be paid for with debt, is expected to close in December.
