Why L’Oreal Is Buying AI Company ModiFace

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L’Oreal announced that the company is buying beauty tech startup ModiFace.

AIThe beauty products provider announced that it will be shelling out an undisclosed sum for the artificial intelligence (AI) company, which offers augmented reality capabilities. The idea is for L’Oreal to use the technology to sell the right products to the right people as augmented reality can be used in an app that shows a person what they’d look like with a certain accessory or a certain shade of rouge.

L’Oreal is the parent company of Maybelline, Lancome and Yves Saint Laurent, while ModiFace develops technology around 3D virtual make-up, color and skin diagnosis. Lubomira Rochet, chief digital officer at the beauty company, said the move will “support the reinvention of the beauty experience around innovative services to help our customers discover, try and choose products and brands.”

Some of L’Oreal’s most recent ventures into the worlds of augmented reality and AI include the recent acquisitions of Founders Factory and Partech Ventures, which have led to the development of an app called Makeup Genius, which lets consumers try out virtual cosmetics before they even put the products on.

Last year, the company’s brand Kerastase released what it calls the first smart hairbrush in the market.

ModiFace has developed virtual makeup apps for other companies in the past, including SephoraCoverGirl and Estee Lauder.


Article printed from InvestorPlace Media, https://investorplace.com/2018/03/ai-loreal-modiface/.

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