Estée Lauder has invested in South Korean beauty company Have & Be as it looks to ride on the coat tails of its success in the region.
Have & Be is the company behind skin care brands Do The Right Thing and Dr. Jart+, with the latter well-known both in South Korea and globally for its fusion of dermatological science and art - as reflected in the brand name - which is inspired by the phrase 'Doctor Joins Art'.
Fabrizio Freda, president and chief executive officer of The Estée Lauder Companies, said the move will allow the business to take advantage of Korea's expanding beauty wave.
"This investment gives our company a strategic opportunity to develop a partnership with one of Korea's most promising high-growth skin care brands. [Founder] 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."
Dr. Jart+ was a pioneer in the development and rapid proliferation of BB creams across the globe and 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.
Estée Lauder's investment also includes Do The Right Thing (DTRT), a men's-focused skin care brand that fuses Korean with New York style. Its line of cleansers, lotions, moisturizers and serums are sold in Korea through various channels and in the United States through Sephora and BirchboxMan.
The investment comes after Estée Lauder appointed South Korean/American YouTube personality Irene Kim as its new global beauty ambassador.