Final bids in: a turning point for Estée Lauder’s portfolio
The Estée Lauder Companies has reportedly received final bids for Too Faced, Smashbox and Dr. Jart+, with the Estée Lauder brand sale expected to wrap up within weeks. Initially marketed as a single package, the trio is now being offered in a more flexible configuration: Too Faced and Smashbox together, with Dr. Jart+ marketed separately. At least one bidder is said to be eyeing all three brands, while others are focusing on the color cosmetics pair or Dr. Jart+ alone. Estée Lauder has declined to comment, but the move aligns with CEO Stéphane de La Faverie’s stated plan to review and streamline the group’s beauty brand portfolio. For fans, the looming Too Faced Smashbox acquisition and potential Dr. Jart+ ownership change raise questions about product continuity, brand identity, and where these labels will sit within a rapidly consolidating beauty landscape.
Why Too Faced, Smashbox and Dr. Jart+ are on the block
The decision to seek buyers for Too Faced, Smashbox and Dr. Jart+ reflects mounting financial and strategic pressures. Too Faced and Dr. Jart+ were both flagged as underperforming in Estée Lauder’s recent annual results, despite years of investment since their acquisitions. At the same time, the company is in year two of a Profit Recovery and Growth Plan focused on cost-cutting, standardising processes, outsourcing and significant workforce reductions. Reports also link the portfolio reshuffle to shareholder unease, including criticism of the company’s heavy reliance on daigou sales channels, which made earnings vulnerable to external shocks. Against this backdrop, divesting weaker or non-core labels can free capital and management attention for higher-growth franchises such as Estée Lauder, MAC, La Mer and Tom Ford. The move underscores how major groups are actively pruning their beauty brand portfolio restructuring rather than endlessly accumulating new names.
Dr. Jart+ and the prospect of returning to its roots
Among the three brands, Dr. Jart+ stands out because its likely buyer could mark a symbolic homecoming. Korean private equity firm PTA Partners is reportedly pursuing the acquisition of Have & Be, the company behind Dr. Jart+, potentially engineering a Dr. Jart+ ownership change that reconnects the label with its original ecosystem. Estée Lauder took full control of Dr. Jart+ in 2019, but since then the brand’s revenue has fallen sharply and it recently slipped into operating loss. Industry observers suggest Estée Lauder struggled to keep pace with fast-moving skincare trends and weakened local marketing, eroding the brand’s earlier momentum. PTA Partners believes it can revive Dr. Jart+ by tying it back into a sophisticated K‑beauty infrastructure, from advanced manufacturing to global influencer-driven promotion. If successful, this deal would illustrate how local operators can sometimes steward niche or innovation-led brands more effectively than global conglomerates.
Consolidation, mergers and the future of beauty brand ownership
The possible sale of Too Faced, Smashbox and Dr. Jart+ is unfolding alongside exploratory talks between Estée Lauder and Puig about a potential business combination that could create a beauty powerhouse valued at around USD 40 billion (approx. RM184 billion). Estée Lauder has reportedly engaged J.P. Morgan to help structure financing, signalling how asset sales and mergers are interlinked in its strategy. For the industry, these moves highlight an accelerating shift: major groups are no longer just buyers of indie darlings, they are also active sellers, recycling capital into fewer, bigger bets. Future Too Faced Smashbox acquisition scenarios may see them housed in portfolios that specialise in color cosmetics, while Dr. Jart+ could become a flagship within a focused skincare platform. For consumers, ownership changes may bring refreshed branding, new retail channels and reformulated ranges—but also the risk of discontinued favourites.