L’Oréal announced the acquisition of Toronto-based ModiFace, a company that speciliazes in augmented reality and artificial intelligence for the beauty industry.
ModiFace engineers, researchers and scientists have submitted more than 200 scientific publications and registered more than thirty patents.
In the deal, L’Oréal acquires tools for customers to test make-up and lipstick online as it looks to roll out more digital services such as virtual make-up tests.
Financial terms were not disclosed.
“This acquisition is in line with L’Oréal’s digital acceleration strategy to provide the group’s 34 international brands with the most innovative technologies in terms of services and beauty experience,” said L’Oréal.
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.
Lubomira Rochet, Chief Digital Officer of L’Oréal, said: “We are thrilled to welcome ModiFace to L’Oréal to become the heart of our digital services R&D.
“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.
“We at L’Oréal and ModiFace want to pioneer this new page of the beauty industry and serve our customers with innovative services and experiences.”
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.”