This article was published on May 17, 2026, at 13:34 on Signal, the capital markets compass.
A push is underway for Korean capital to buy back Dr. Jart+, the K-beauty brand that global cosmetics giant Estée Lauder acquired seven years ago for more than 1 trillion won. If the deal closes, expectations are mounting that Dr. Jart+, which has struggled with weak earnings, could ride Korea's advanced K-beauty value chain to a fresh leap forward.
According to investment banking sources on the 17th, domestic private equity firm PTA Partners has recently begun reviewing an acquisition of Have & Be, the operating entity behind Dr. Jart+. PTA is strongly considering forming a fund with domestic strategic investors (SI) for a joint acquisition. Indie cosmetics brand Inua and others are reportedly weighing investments in Have & Be. Have & Be's enterprise value is said to be at least in the 200 billion won range. Global investment banks Evercore and JPMorgan are managing the sale.
"A consortium led by PTA and joined by SIs with rich brand-building experience is being pursued," an IB industry official said. "Global firms are leading the bidding race, but the homegrown alliance could still seize victory in the final stretch."
PTA is a mid-tier manager with a proven track record in fund management and portfolio oversight. In 2021, it acquired Korea Fund Partners (formerly Mirae Asset Fund Services) from Mirae Asset and drove explosive growth. Korea Fund Partners posted 39.3 billion won in revenue and 23.2 billion won in operating profit last year, cumulative gains of 71% and 97% respectively over four years. It now ranks third in the fund administration market behind Shinhan Fund Partners and Hana Fund Services, and stands as the dominant No. 1 among independents.
Building on that value-enhancement track record, PTA believes it can revive Dr. Jart+. As recently as 2019, Dr. Jart+ was at its peak with 634.7 billion won in revenue and 121.4 billion won in operating profit. But the brand slid after Estée Lauder took it over. Following twists and turns including the downsizing of some brands and the organization, last year's revenue was 178.8 billion won and the company swung to an operating loss of 23.2 billion won.
Experts say Estée Lauder missed shifting global cosmetics trends and failed to properly run Dr. Jart+'s domestic marketing and sales organization. As a result, expectations are building that Dr. Jart+ would more swiftly turn around if it returns to a Korean consortium rather than another foreign owner.
Notably, PTA founder and CEO Kim Suk-won is a French-born Korean. Drawing on his linguistic and cultural fluency, PTA is reportedly reviewing investments in other beauty-related companies in France and elsewhere in Europe. The firm believes that if the Dr. Jart+ deal goes through, its Korea-Europe network could enable upgrades and synergies in the beauty business.
Korea's K-beauty value chain is widely viewed as having grown far more sophisticated since the 2020s. ODM and OEM processes led by Kolmar Korea and Cosmax have become increasingly advanced and refined. Global marketing capabilities, powered by K-content and influencers, have also climbed to world-class levels.
Surging worldwide sales of Korean cosmetics underscore that view. Last year, Korea's cosmetics exports rose 11.8% year on year to a record-high $11.4 billion (about 17 trillion won). In the U.S. market, Korean cosmetics exports overtook France to claim the top spot starting in 2024, extending remarkable growth.
Valuations of homegrown beauty companies are also soaring. APR's market capitalization has recently risen to around 15 trillion won, while Goodai Global, which is preparing an IPO, is being discussed at an enterprise value of around 10 trillion won — sky-high levels. "If Dr. Jart+ combines Korea's tightly woven beauty ecosystem with strong operating capabilities, it could rewrite the K-beauty success story of the past," an industry expert said. "That hope of a comeback is the key driver behind this deal."
