Published On: Fri, Mar 16th, 2018

Cosmetics giant L’Oreal acquires Canadian beauty tech company ModiFace

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Cosmetic company acquisitions : French cosmetics company L’Oréal has acquired ModiFace, a Canadian beauty tech company for an undisclosed price as part of its digital acceleration strategy.

ModiFace provides augmented reality and artificial intelligence technologies to the beauty industry.

L’Oréal acquisition of ModiFace is expected to help the 34 international brands of the French cosmetics company get access to the most innovative technologies as far as services and beauty experience are concerned.

The Canadian beauty tech company was founded in Toronto by Parham Aarabi eleven years ago. ModiFace has created advanced technologies such as 3D virtual make-up, diagnosis services for color and skin. L’Oréal says that these technologies are based on proprietary know-how which track facial features and color, and are applied by most of the leading beauty brands.

L’Oréal acquisition of ModiFace

L’Oréal acquisition of ModiFace. Photo courtesy of L’Oréal.

Commenting on L’Oréal acquisition of ModiFace, 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.”

The Canadian beauty tech company has a team of around 70 engineers, scientists and researchers who have filed 200+ scientific publications and registered more than thirty patents.

ModiFace will come under the French cosmetics company’s Digital Services Factory, which designs and develops new digital services for L’Oréal beauty products. The Canadian beauty tech company will retain its headquarters in Toronto, said L’Oréal.

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.”

For more news on Cosmetic company acquisitions like L’Oréal acquisition of ModiFace, keep following Business-News-Today.com.

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