PTA Partners Moves to Reclaim a K-Beauty Pioneer
PTA Partners is reportedly leading a bid to acquire Have & Be, the company behind Dr. Jart+, from current owner Estée Lauder. If successful, the deal would mark a notable K-beauty acquisition by bringing Dr. Jart+ back under domestic ownership after several years within a global cosmetics conglomerate. Evercore and JPMorgan are said to be managing the sale process, signaling the strategic weight of the transaction. PTA Partners is pursuing the deal alongside local strategic investors, including indie beauty brands that see value in reinvigorating a once high-flying name in skincare. The move underscores rising interest in heritage Korean beauty brands that still command strong global recognition, even as their financial performance has faltered. A return to local stewardship could allow Dr. Jart+ to reconnect with the fast-evolving K-beauty ecosystem that originally powered its growth.
From Growth Story to Struggle: Dr. Jart+ Under Estée Lauder
Dr. Jart+ entered the global spotlight when Estée Lauder completed its acquisition of Have & Be in 2019, positioning the brand as a strategic entry point into the booming K-beauty segment. Initially, the numbers reflected that promise: revenue stood at 634.7 billion won with an operating profit of 121.4 billion won in the acquisition year. Since then, the trajectory has reversed. Revenue reportedly dropped to 178.8 billion won, and the business posted an operating loss of 23.2 billion won last year, highlighting a sharp downturn. Industry observers point to missteps in adapting to fast-changing beauty trends and a weakening of domestic marketing capabilities under global ownership. The brand’s slowdown illustrates how transplanting a nimble, trend-driven label into a large corporate structure can dilute its responsiveness, especially in a category where speed, experimentation, and localized insight drive consumer engagement.
Why Korean Operators See Upside in Dr. Jart+ Ownership
PTA Partners’ pursuit of Dr. Jart+ reflects a belief that domestic operators are better equipped to restore momentum to the brand. The firm aims to tap into the sophisticated K-beauty ecosystem, which includes advanced ODM and OEM manufacturers, agile product development, and a powerful network of global influencer marketing channels. By re-embedding Dr. Jart+ in this infrastructure, PTA Partners expects to sharpen innovation cycles and align product pipelines with emerging skincare trends. The renewed Dr. Jart+ ownership structure could also strengthen ties with indie beauty collaborators involved in the acquisition, creating a network effect across brands. Rising international demand for Korean beauty products adds another tailwind, potentially positioning Dr. Jart+ as a revitalized flagship label within PTA’s broader beauty investment strategy across both domestic and European markets.
K-Beauty Acquisition Wave and the Value of Heritage Brands
The potential PTA Partners acquisition of Dr. Jart+ highlights a wider pattern of local players reclaiming or consolidating influential beauty labels. As K-beauty matures, heritage brands with strong storytelling and existing global reach are increasingly seen as strategic assets. Their value lies not only in current sales, but in their embedded consumer trust and established distribution channels. Private equity firms and strategic investors are looking to leverage these foundations, layering on faster product innovation, digital-first marketing, and closer collaboration with manufacturers. The Dr. Jart+ case illustrates how global giants may struggle to keep pace with hyper-dynamic beauty subcultures, while local operators can more readily pivot and experiment. If the PTA Partners acquisition proceeds, it may encourage further deals in which globally recognized Korean beauty brands return to domestic stewardship as part of a new, more confident phase for K-beauty acquisition activity.