In 2015, the American cosmetic group acquired a minority stake in Have&Be Co. and now takes control by acquiring the remaining shares of the company.
Estée Lauder continues its commitment to Korean beauty by making the first purchase of a k-beauty brand: Have&Be, owner of the Do the Right Thing and Dr. Jart + brands, a company valued at approximately 1.7 billion dollars. The company expects to fund this transaction with debt.
The Estée Lauder group, one of the world’s largest cosmetic groups with a revenue of 3.9 billion dollars in the first quarter of 2019, aims with Dr. Jart + to expand the company’s consumer reach in Asia/Pacific, North America, the United Kingdom and travel retail and projections of 500 million dollars in sales by the end of this year.
“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.” said William P. Lauder, executive chairman of Estée Lauder.