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The Estée Lauder Companies this week agreed to buy the remaining two-thirds of Have & Be Co., the South Korean owner of Dr. Jart+ cosmetics, that it didn’t already own for close to $1.1 billion. This is the company’s first acquisition of an Asian beauty brand.

Founded in 2005 in Seoul, Dr. Jart+ sells moisturisers, masks, cleansers and serums under names like Cicapair and Ceramidin. This acquisition will help expand the company’s consumer reach in the Asia-Pacific region as well as deliver growth in travel retail, according to the New York-based cosmetics giant. 

"As consumers increasingly focus on skin care and the category continues its rapid global growth, the influence of cutting-edge, scientifically-driven brands like Dr. Jart+ is undeniable,” William P. Lauder, executive chairman of The Estée Lauder Companies Inc., said in a press release.

Founded in 2005, Dr. Jart+ has become one of the most globally recognizable Korean brands, helping usher in the thriving K-beauty trend worldwide and with K-beauty's popularity and Dr. Jart+'s growing fanbase, The Estée Lauder Companies are understandably excited about the acquisition.

In the announcement, Fabrizio Freda, president and CEO of The Estée Lauder Companies Inc., said, "As the Company’s first acquisition of an Asia-based beauty brand, Dr. Jart+'s focus on creating high-quality skin-care products that fuse dermatological science, incredible innovation capabilities, and artistic expression make it a terrific, strategic addition to our diverse portfolio of prestige beauty brands."