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Image source: forbes.com

Companies have to be on top of their game to survive in a highly-competitive market. This goes for established brands, too. They have to innovate continuously to keep customers and attract new ones. The momentum for innovation should be kept going by seizing opportunities for growth.

This is exactly what The Estee Lauder Companies Inc. (ELC) have been doing for the past year as it further expands its portfolio of luxury brands with the acquisitions of Le Labo and Rodin Olio Lusso, among others. Now, its most recent move is investing in a Korean skincare firm, Have & Be Co. Ltd., the parent company behind the popular brand Dr. Jart+.

Image source: insideretail.com

The entry of ELC into the Korean skincare market is not surprising given that many industry experts currently consider South Korea as a hub of beauty innovation and trends. For instance, the Seoul-based skincare brand Dr. Jart+ offers a unique fusion of dermatological science and art, making it very popular across a broad range of consumers, especially millennials. As ELC executive chairman Wiliam Lauder pointed out, “Global consumers look to Korea as a trendsetting market in beauty, and the Dr. Jart+ brand is part of the reason why.”

Meanwhile, ELC’s stake in Have & Be will also include an interest in Do The Right Thing, a men’s skincare brand that marries Korean innovation with bold New York style. Terms of the investment were not disclosed. The deal is expected to be consummated in December.

Image source: koreaherald.com

For updates on ELC’s latest ventures and product releases, follow this Facebook page.