L'Oreal to buy Canadian beauty technology company ModiFace

L'Oreal to buy Canadian beauty technology company ModiFace

A French cosmetics company is acquiring a Canadian beauty technology company.

ModiFace will remain based in Toronto close to the University with which it has established many research partnerships.

L'Oréal said that ModiFace will be part of its Digital Services Factory, a dedicated network to design and develop new digital services for the group's brands.

Founder and chief executive of ModiFace, Parham Aarabi, said: "L'Oréal's acquisition of ModiFace provides an incredible opportunity to innovate on beauty AR and AI at an unprecedented scale, the results of which will shape the beauty industry for the decades to come". Many of these companies have relied on Modiface to launch their AP apps, the fact that L'Oreal was able to acquire the company is a major advantage over its competitors who will now have to find another company that's in the AR beauty area. These are two fields that have become immensely popular as of late, so I'm not surprised to see a company like L'Oreal making a move into these industries.

L'Oreal buys Canadian beauty tech firm ModiFace
L'Oréal snaps up AI & AR beauty brand ModiFace with plans to expand tech offering

Not only does ModiFace use AI and AR, but the team at the firm is composed of some of the most intelligent individuals in Canada.

The Toronto-based firm employs almost 70 engineers, researchers and scientists who have submitted more than 200 scientific publications and registered over 30 patents, according to a statement. The take away from that is that you can trust this company to be a credible source.

L'Oreal, the world's biggest cosmetics company, made around eight per cent of its sales online in 2017, from just over five per cent in 2015. Earlier in 2018, L'Oreal launched an application developed by ModiFace, called "Style My Hair".

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