L’Oréal acquires innovative Canadian beauty company ModiFace
French cosmetics giant L’Oréal has announced that it will be acquiring Canada’s Modiface in the aim of bolstering its portfolio in line with its digital acceleration strategy.
ModiFace specializes in using AI and augmented reality, with its key product offering being a platform that enables beauty try-on simulations on live video by tracking the user’s facial features in precise detail.
“L'Oréal's acquisition of ModiFace provides an incredible opportunity to innovate on beautyaugmented reality (AR) and artificial intelligence (AI) at an unprecedented scale, the results of which will shape the beauty industry for the decades to come,” said Parham Aarabi, Founder and CEO of ModiFace. “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.”
L’Oréal will look to implement and utilize ModiFace’s technology that includes 3D virtual makeup, color and skin diagnostic services across its portfolio in the aim of enhancing its 34 leading brands.
ModiFace will become part of its Digital Services Factory – a dedicated network that looks to design and develop new services for these brands, with the Canadian firm expected to work closely with L’Oréal’s Advanced Research team.
“We are thrilled to welcome ModiFace to L'Oréal to become the heart of our digital services R&D,” said Lubomira Rochet, Chief Digital Officer of L'Oréal. “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.”
ModiFace will continue to operate in Toronto close to the University where the company continues to establish a number of beneficial research partnerships. The financial details of the acquisition are yet to be disclosed.