THE WHAT? Korean private equity firm PTA Partners is pursuing a joint acquisition of Dr. Jart+ owner Have & Be from Estée Lauder, potentially returning the K-beauty brand to Korean ownership.
THE DETAILS PTA Partners is reportedly reviewing a deal for Have & Be, the company behind Dr. Jart+, with support from domestic strategic investors including indie beauty brands. Global investment banks Evercore and JPMorgan are managing the sale process, with the business valued at more than 200 billion won. Estée Lauder acquired Dr. Jart+ in 2019 for over 1 trillion won, but the brand has since struggled financially, with revenue falling from 634.7 billion won and operating profit of 121.4 billion won in 2019 to revenue of 178.8 billion won and an operating loss of 23.2 billion won last year. Industry observers believe Estée Lauder failed to adapt the brand to changing beauty trends and weakened its domestic marketing operations. PTA believes it can revive the brand by leveraging Korea’s advanced K-beauty ecosystem, including sophisticated ODM and OEM manufacturing, global influencer marketing and rising international demand for Korean cosmetics. The potential acquisition also aligns with PTA’s broader beauty investment strategy across Korea and Europe.
THE WHY? The proposed acquisition reflects growing confidence that Korean operators are better positioned to restore Dr. Jart+’s growth by reconnecting the brand with the country’s rapidly evolving K-beauty infrastructure and global momentum.
Source: Seoul Economic Daily
