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.
Tech-Focused Cosmetics
L'Oreal is Moving Into Tech With the Acquisition of an AR Beauty App
Trend Themes
1. Augmented Reality in Beauty - The acquisition of ModiFace by L'Oreal highlights the trend of integrating augmented reality technology into the cosmetics industry, creating immersive and interactive beauty experiences for consumers.
2. Personalized Cosmetic Recommendations - ModiFace's skin analysis technology showcases the trend of using data-driven algorithms to provide tailored cosmetic recommendations, allowing brands to offer personalized beauty solutions to consumers.
3. Convergence of Makeup and Technology - L'Oreal's acquisition of the AR beauty app represents the trend of the cosmetics industry embracing technology to enhance the beauty experience and create innovative ways for consumers to interact with makeup products.
Industry Implications
1. Cosmetics - The integration of augmented reality technology and data-driven algorithms in the cosmetics industry opens up opportunities for disruptive innovation, enabling brands to offer personalized and immersive cosmetic experiences.
2. Technology - The convergence of makeup and technology presents disruptive innovation opportunities for the tech industry to develop advanced augmented reality tools, algorithms, and platforms specifically tailored for the beauty sector.
3. Marketing - The use of AR beauty apps as marketing tools by cosmetics brands like L'Oreal creates disruptive innovation opportunities in the marketing industry, allowing for more targeted and interactive campaigns to reach a technologically-savvy consumer base.