Estée Lauder Companies to invest in Dr. Jart+
26 October 2015
The Estée Lauder Companies Inc. (NYSE:EL) announced today that it 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. […]
Since its founding, Dr. Jart+ has been a pioneer in the development and rapid proliferation of BB creams across the globe. Today, its iconic BB cream line is a consumer favorite. The brand also sells a robust range of innovative skin care products – including moisturizers, cleansers, masks and serums – designed to address the needs of specific skin types. […]
The Estée Lauder Companies Inc. received financial advice from BNP Paribas and legal counsel from Lowenstein Sandler LLP and Kim & Chang. Have & Be Co. Ltd. received financial advice from Michel Dyens & Co. and legal counsel from Skadden, Arps, Slate, Meagher and Flom LLP and Bae, Kim & Lee LLC. […]"