Lowenstein Sandler is representing The Estée Lauder Companies Inc. (NYSE: EL) in its acquisition of the shares that the company does not already beneficially own in Have & Be Co. Ltd., the Seoul-based, global skin care company behind Dr. Jart+ and men’s grooming brand Do The Right Thing. Expected to close in December 2019, the acquisition follows the company’s December 2015 minority investment in Have & Be Co. Ltd. and is pursuant to an agreement made at that time. As one of the fastest-growing skin care brands globally, Dr. Jart+ is expected to help further strengthen The Estée Lauder Companies’ leadership position in skin care and will especially help expand the company’s consumer reach in Asia/Pacific, North America, the United Kingdom, and travel retail. This is the company’s first acquisition of an Asia-based beauty brand.
Since December 2015, when the company initially invested in Have & Be Co. Ltd., Dr. Jart+ has experienced significant growth and is expected to reach more than $500 million in net sales in calendar year 2019. Have & Be’s total enterprise is valued at approximately $1.7 billion, and The Estée Lauder Companies has agreed to acquire the remaining two-thirds of Have & Be Co. Ltd., net of cash acquired and subject to certain post-closing adjustments. The acquisition is subject to certain conditions, including regulatory approvals.
Founded in 2005 by CEO ChinWook Lee in Seoul, South Korea, Dr. Jart+ is a high-growth, global skin care brand fueled by cutting-edge innovation that offers a wide variety of high-performing skin care products. Sold through specialty multichannels, travel retail, freestanding stores, high-end department stores, and e-commerce sites in more than 35 countries globally, the brand offers a wide range of high-quality moisturizers, masks, cleansers, and serums that are beloved for their innovative, breakthrough formulations.
The Estée Lauder Companies Inc. is one of the world’s leading manufacturers and marketers of quality skin care, makeup, fragrance, and hair care products. The company’s products are sold in approximately 150 countries and territories under brand names including: Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, Tommy Hilfiger, M·A·C, Kiton, La Mer, Bobbi Brown, Donna Karan New York, DKNY, Aveda, Jo Malone London, Bumble and bumble, Michael Kors, Darphin, Tom Ford, Smashbox, Ermenegildo Zegna, AERIN, Tory Burch, RODIN olio lusso, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW, By Kilian, BECCA, and Too Faced.
Led by partner Marita A. Makinen, the Lowenstein deal team includes Gina M. Seong, Darren Goodman, Doreen M. Edelman, Mary J. Hildebrand, Matt Savare, Michael Walutes, Jack Sidorov, Abbey E. Baker, Kate Basmagian, Manali Joglekar, Taryn E. Cannataro, Sophia Mokotoff, Carly S. Penner, Bryan Sterba, and Matthew Tippy.
