Why L'Oreal Is Buying AI Company ModiFace

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The app tech company was founded by Parham Aarabi eleven years ago in Toronto, and ModiFace has developed advanced technologies of 3D virtual reality applications for the beauty industry.

The logo of French cosmetics group L'Oreal is seen in front of the Arc de Triomphe during a public event in Paris, France, October 1, 2017.

"With ModiFace we've acquired. the stock of inventions they've already created, but more than that, the ability to look at reinventing the beauty experience in the years to come", said L'Oreal's chief digital officer Lubomira Rochet. Terms of the deal weren't disclosed.

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With just eight percent of its global sales taking place online, it should be no surprise that L'Oreal, the world's largest cosmetics company, is starting to take augmented reality seriously.

Indeed, ModiFace's artificial intelligence (AI) technology, which is used for face and hair tracking, was selected by Apple as one of the App Store Best for 2017.

L'Oreal acquiring Modiface makes sense because both parties have already worked together multiple times, including on the launch of the Style My Hair mobile app, which allows users to try on different hairstyles.

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Now ModiFace will become part of L'Oreal's newly formed Digital Services Factory, a network that designs and develops new digital services for the company's brands.

The company employs almost 70 engineers, researchers, and scientists who have submitted over 200 scientific publications and registered over thirty patents, according to a statement sent to Reuters.

ModiFace's technology also extends to services such as skin diagnosis.

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L'Oreal sold more than 2 billion euros of its products online previous year, contributing 8 percent to total revenue.

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