L'Oréal announces the acquisition of 100% from ModiFace, a world-renowned Canadian company and leader in the fields of augmented reality and artificial intelligence applied to beauty. This acquisition is part of the L'Oréal group's digital acceleration strategy, one of the objectives of which is to equip its 34 international brands with the most innovative technologies in terms of services and the beauty experience.
Founded by Parham Aarabi in Toronto in 2007, ModiFace has developed cutting-edge 3D virtual trial technologies for make-up, coloring and skin diagnosis, using proprietary know-how in face tracking and color rendering. Today, these applications are used by most of the major players in the beauty industry. ModiFace employs nearly 70 engineers, researchers and scientists, who have published over 200 scientific articles and filed some 30 patents.
Lubomira Rochet , Chief Digital Officer of L'Oréal, said: "We are delighted to welcome ModiFace to the L'Oréal group. ModiFace will be at the heart of our digital R&D. With its unrivalled teams and technologies, and its successive breakthroughs in beauty tech, ModiFace will contribute to reinventing the beauty experience around innovative services to help our consumers discover, try and choose products and brands. Our ambition for L'Oréal and ModiFace is to pioneer this transformation of the beauty industry by offering our customers new services and experiences."
Parham Aarabi , Founder and CEO of ModiFace, said: "L'Oréal's acquisition of ModiFace is a tremendous opportunity to innovate in augmented reality and artificial intelligence to new levels, which will impact the beauty industry for years to come. I'm very happy to join the L'Oréal family, and to build together a future based on augmented reality and artificial intelligence.
ModiFace will be part of L'Oréal's Digital Services Factory, a network dedicated to the design and development of new digital services for the Group's brands. ModiFace will work in close collaboration with the Group's Advanced Research department, benefiting from an unrivalled, century-old knowledge of the beauty business. ModiFace will remain in Toronto, close to the University, with which the company is involved in numerous research partnerships.
