Cosmetics-giant L'Oreal has made an interesting move into the tech sector in its recent acquisition of AR beauty app ModiFace. ModiFace is currently based in Toronto, Canada and focuses on using technology to scrutinize skin type and suggest cosmetics to conceal flaws. This tool has grown exponentially since its founding 11 years ago and is now used by more than 100 brands.
L'Oreal's purchase of the AR beauty app tool and company was an incredibly smart acquisition and positions the cosmetics brand in a unique convergence between make-up and technology. L'Oreal will now be able to use the app as a pure marketing tool and can utilize Modiface to reach a larger and more technological market. The popularity of sites like Instagram and Snapchat have made beauty standards more attainable and immediate, and by using this AR beauty app, L'Oreal will be able to better tailor its products for this growing market.
Image Credit: ModiFace
More Stats +/-