U.S.-based cosmetics giant The Estée Lauder Companies sealed a deal in New York on Sunday to invest in Have & Be Co., the South Korean company behind the fast-growing homegrown skin care brands Dr. Jart+ and Do The Right Thing.
The terms of the investment -- to be made by December 2015 -- were not disclosed due to legal specifications, according to the firm’s spokesperson.
The Estee Lauder Companies executive chairman William P. Lauder (right) signs an investment deal with Dr. Jart+ CEO Lee Jin-wook in New York on Sunday. (The Estee Lauder Companies / Dr. Jart+)
“We are thrilled to announce our partnership with Dr. Jart+,” said The Estée Lauder Companies president and CEO Fabrizio Freda. “This investment gives our company a strategic opportunity to develop a partnership with one of Korea’s most promising high-growth skin care brands.”
Dr. Jart+ is a Seoul-based skin care brand established in 2005 by Korean entrepreneur Lee Jin-wook -- founder and CEO of Have & Be Co. -- in partnership with dermatologist Jung Sung-jae under the catchphrase “Doctor Joins Art.”
Best known for its iconic BB cream, the brand sells a range of skin care products including moisturizers, cleansers and serums designed to address special skin type needs.
Over the past decade, Dr. Jart+ has grown to expand into overseas markets, particularly the United States where its products are sold in department stores, e-commerce platforms and cosmetics store chain Sephora, among others.
“Lee Chin-wook 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 a long-term, strategic relationship with the entire Dr. Jart+ team,” Freda said.
“This is a tremendous moment for the Dr. Jart+ team and for the continued growth of Korean beauty,” said Lee. “We are excited about the additional opportunities, support and guidance that The Estée Lauder Companies will bring to our brand.”
Meanwhile, executive chairman of The Estée Lauder Companies William P. Lauder called Korea as “a trendsetting market in beauty,” pledging commitment to support Dr. Jart’s continued pursuit of innovation, creativity and global growth.
By Sohn Ji-young (firstname.lastname@example.org