The Estee Lauder Cos. (NYSE: EL) is picking up a stake in South Korean skincare company Have & Be Co. Financial terms were not disclosed.
Have & Be, based in Seoul, South Korea, sells moisturizers and cleansers that are sold in the U.S. and Asia under the Dr. Jart+ and Do The Right Thing brands.
“As the Korean beauty wave continues to flourish globally, we are excited about the additional opportunities, support and guidance that The Estée Lauder Companies will bring to our brands,” says Have & Be CEO ChinWook Lee.
Beauty deals have been picking up in 2015. Catterton is taking Steiner Leisure Ltd. private for $925 million; Midocean Parters is investing in Image Skincare; and Unilver (NYSE: UL) is buying Dermalogica.
BNP Paribas, Lowenstein Sandler LLP and Kim & Chang are advising Estee Lauder. Michel Dyens & Co., Skadden Arps Slate Meagher and Flom LLP and Bae Kim & Lee LLC are the target's advisers.