Estée Lauder’s Asia Move: Taking Full Control of Dr.Jart+ Parent Co.
WWD – 18/11/2019
The Estée Lauder Cos. Inc. is building up in Asia with a deal to buy full control of Seoul-based Have & Be. Co., bringing the Dr. Jart+ and Do The Right Thing brands fully into the fold.
Lauder is buying the two-thirds of the company it doesn’t already own for about $1.1 billion. That gives Have & Be an enterprise value of about $1.7 billion. The deal, which will be paid for with debt, is expected to close in December and was made pursuant to the agreement Lauder cut when it took a minority stake in the company in 2015.
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. […]
The ceo said the two companies have envisioned a long-term partnership from the start.
“As the addition of the first midsized, fast-growing Asia-based global skin-care 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] and the U.K., and travel retail,” Freda said. […]