The Estee Lauder Companies to invest in Dr. Jart+

The Estee Lauder Companies Inc has signed an agreement to purchase an interest in Have & Be Co Ltd, the South Korean company behind skin care brands Dr. Jart+ and Do The Right Thing. Terms of the investment were not disclosed. The deal is expected to close in December 2015.
Launched online in 2005 by ChinWook Lee, Dr. Jart+ is a Seoul-based, global high-growth skin care brand featuring quality and innovative products designed to address specific skin care needs. The brand’s unique fusion of dermatological science and art – as reflected in the brand name, which is inspired by the phrase “Doctor Joins Art” – appeals to a broad range of consumers, especially millennials. Dr. Jart+ is sold in many countries around the world, primarily in Asia and the United States, through various department stores, specialty-multi and e-commerce channels including Sephora.
“We are thrilled to announce our partnership with Dr. Jart+,” said Fabrizio Freda, President and Chief Executive Officer of The Estée Lauder Companies Inc. “This investment gives our company a strategic opportunity to develop a partnership with one of Korea’s most promising high-growth skin care brands. ChinWook Lee 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 long-term, strategic relationship with the entire Dr. Jart+ team.”