AI News, L’Oreal snaps up Canadian AI makeup company in digital push
L’Oreal snaps up Canadian AI makeup company in digital push
French cosmetic giant L’Oreal has snapped up a Canadian company that uses artificial intelligence to help users apply make-up, as it looks to tap into a more digitally-savvy consumer base.
ModiFace, which was founded eleven years ago in Toronto, specialises in using technology to help users apply virtual makeup by tracking facial features and colour.
“With its world-class team, technologies and sustained track record in terms of beauty tech innovations, ModiFace will support the reinvention of the beauty experience around innovative services to help our customers discover, try and chose products and brands,” L’Oreal’s chief digital officer, Lubomira Rochet, said.
L'Oreal Buys ModiFace to Get Edge in Beauty Augmented Reality and AI
L'Oreal has purchased leading beauty tech firm ModiFace for an undisclosed sum to bolster its digital-technology effort, giving it an apparent edge over rivals in augmented reality and artificial intelligence for beauty.
The 11-year-old Toronto-based company has been providing services for L'Oreal at least since 2014, when Garnier used ModiFace technology to deliver customized digital ads featuring the customer as the model.
Now ModiFace will become part of L'Oreal's newly formed Digital Services Factory, a network that designs and develops new digital services for the company's brands.
ModiFace's primary mission will be developing digital capabilities for the 34 international brands in L'Oreal's $36 billion world-leading beauty business.
L'Oréal acquires ModiFace further expanding its worldwide expertise in beauty tech
Clichy, 16 March 2018 - L'Oréal announces the acquisition of 100% of the Canadian company ModiFace, an internationally recognized leader in augmented reality and artificial intelligence applied to the beauty industry.
Founded by Parham Aarabi eleven years ago in Toronto, ModiFace has developed advanced technologies of 3D virtual make-up, color and skin diagnosis services using proprietary know-how which track facial features and color, and are used by nearly all the major beauty brands.
Parham Aarabi, Founder and CEO of ModiFace, said: "L'Oréal's acquisition of ModiFace provides an incredible opportunity to innovate on beauty augmented reality (AR) and artifical intelligence (AI) at an unprecedented scale, the results of which will shape the beauty industry for the decades to come.Our entire team and I are extremely excited to be joining the L'Oréal family, and look forward to the AR/AI-enabled future that we will create together."
Why is L'Oreal buying a technology company?
L'Oreal (LRLCY), one of the world's biggest cosmetics companies, has purchased ModiFace, a Canadian firm that specializes in artificial intelligence and augmented reality technology.
Lubomira Rochet, the chief digital officer at L'Oreal, said that ModiFace's engineers, researchers and scientists would help it develop apps and in-store services.
The two companies are working on technology that can scan a human face and provide suggestions for skin-care products based on facial wrinkles, pores, hydration levels and pigmentation.
In January, it updated an app developed with ModiFace that allows users to scan their face with their phone and try out different hair colors.
ModiFace had worked with the cosmetics brand Benefit, which is owned by LVMH (LVMHF), on an app that allows customers to virtually 'try on' eyebrow styles.
L’Oréal buys beauty tech company ModiFace
L’Oréal has snapped up a Canadian beauty tech company focused on augmented reality and artificial intelligence as the French cosmetics group continues to look to startups for innovation that it can bring in-house.
Lubomira Rochet, chief digital officer of L’Oréal, said in a statement that the acquisition of ModiFace would “support the reinvention of the beauty experience around innovative services to help our customers discover, try and chose products and brands.” The world’s largest brands are increasingly seeking to tap into innovative new technologies to supplement their beauty offerings.
L'Oréal expands into tech with acquisition of beauty AR, AI company
Founded byParham Aarabi 11 years ago in Toronto, ModiFace has developed advanced technologies of 3D virtualmake-up, color, and skin diagnosis services using proprietary tech that tracks facial features andcolor.Its tech is used by nearly all major beauty brands.
'L'Oréal's acquisition of ModiFace provides an incredible opportunity to innovate on beauty augmented reality andartificialintelligence at an unprecedented scale, the results of which will shape the beauty industry for the decades to come,'Aarabi said.
'With its world-class team, technologies, and sustained track record in terms of beauty tech innovations, ModiFace will support the reinvention of the beauty experience around innovative services to help our customers discover, try, and chose products and brands,'
- On Wednesday, June 26, 2019
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