L ' Oréal acquires augmented reality company for beauty industry

L ' Oréal purchased 100% of the shares of Canadian ModiFace, specializing in augmented reality and artificial intelligence applied to the beauty industry. With the deal, whose value was not informed, the French multinational said it will offer services with innovative technologies to consumers of its 34 brands. "This acquisition is in line with the strategy of digital acceleration of L'oreal," the French multinational, in a statement to the market. Founded 11 years ago, the Canadian company has developed advanced technologies of 3D virtual makeup services, colors and skin Diagnostics using its own technology that tracks facial features and colors. Lubomira Rochet, digital Director of L ' Oréal, claimed that ModiFace will support the reinvention of beauty experience around innovative services in order to help customers discover and try to choose products and brands. The company acquired will continue in Toronto, near the University where he established several partnerships for research.