PTA Partners Moves to Reclaim Dr. Jart+ Ownership
Private equity firm PTA Partners is pursuing the acquisition of Have & Be, the company behind Dr. Jart+, from Estée Lauder in a move that could return the skincare label to domestic control. The Dr. Jart+ acquisition would mark a strategic shift in Korean beauty brand ownership, reversing the trend of local innovators being absorbed into Western conglomerates. Evercore and JPMorgan are overseeing the sale process, with the business reportedly valued at more than 200 billion won. Estée Lauder bought Dr. Jart+ in 2019, but the brand’s performance has deteriorated sharply since then. PTA Partners is said to be working with local strategic investors, including indie beauty players, suggesting a syndicate approach that blends financial capital with category expertise. For the global beauty industry, the potential deal underlines how ownership of influential skincare brands is becoming more fluid and hotly contested.
Why Estée Lauder Is Considering Divestment of Have & Be
The prospective Estée Lauder divestment of Have & Be reflects portfolio management pressures at a time when the group is reassessing underperforming assets. After acquiring Dr. Jart+ in 2019 for over 1 trillion won, the business appeared to be a high-growth gateway into the fast-moving K-beauty segment. However, revenue has fallen 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 argue that Estée Lauder struggled to keep pace with rapid shifts in beauty trends and weakened Dr. Jart+’s domestic marketing capabilities. Against this backdrop, selling Have & Be allows the group to crystallize value, reduce exposure to a challenged asset, and reallocate resources to core hero brands and categories. It also demonstrates how large beauty houses increasingly rotate portfolios rather than hold all acquisitions indefinitely.
Leveraging the K‑Beauty Ecosystem to Revive Dr. Jart+
PTA Partners believes that returning Dr. Jart+ to local ownership can unlock growth by reconnecting the brand with its original innovation ecosystem. The firm plans to tap into advanced K-beauty infrastructure, including sophisticated ODM and OEM manufacturing capabilities that support rapid product development and customization. Access to agile supply chains, coupled with global influencer marketing networks, could help Dr. Jart+ reenter trend cycles more quickly and resonate with younger consumers. PTA’s approach is bolstered by rising international demand for Korean cosmetics, which continues to benefit from a reputation for efficacy, creative textures, and playful branding. By aligning Dr. Jart+ more closely with this ecosystem, PTA is betting that the brand can reclaim its positioning as a pioneer in derm-inspired, science-forward skincare. The strategy underscores growing confidence that local operators, rather than global conglomerates, may now be better placed to steer K-beauty brands in a hyper-competitive landscape.
Private Equity’s Expanding Role in Beauty Brand Consolidation
The Dr. Jart+ acquisition bid is emblematic of a broader wave of beauty brand consolidation driven by private equity. PTA Partners, which has articulated a wider beauty investment strategy across Korea and Europe, is part of a cohort of funds that see established but underperforming labels as prime turnaround opportunities. These investors are drawn to strong brand equity, existing global distribution, and scalable product platforms, even when financials have weakened. By partnering with domestic strategic investors, PTA aims to combine operational know-how with financial discipline, a model increasingly common in the sector. For the industry, this signals a more dynamic ownership environment where brands may cycle between founder-led, corporate, and private equity control over their lifespan. It also raises competitive pressure on traditional conglomerates, which must demonstrate that they can nurture acquired brands as effectively as specialized investment platforms.