L’Oréal has announced the acquisition of Canadian augmented reality specialist ModiFace for an undisclosed sum.
The Canadian firm will become part of the French beauty giant’s Digital Services Factory, a dedicated network to design and develop new digital services for the group’s brands.
“We are thrilled to welcome ModiFace to LOréal to become the heart of our digital services R&D,” said Lubomira Rochet, Chief Digital Officer at LOréal. “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 LOréal 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, added, "LOréals acquisition of ModiFace provides an incredible opportunity to innovate on beauty augmented reality (AR) and artificial 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 LOréal family, and look forward to the AR/AI-enabled future that we will create together."