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Why is L'Oreal buying a technology company?

The worlds of makeup and artificial intelligence came together on Friday.L'Oreal, one of the world's biggest c...

Posted: Mar 16, 2018 8:11 PM
Updated: Mar 16, 2018 8:11 PM

The worlds of makeup and artificial intelligence came together on Friday.

L'Oreal, one of the world's biggest cosmetics companies, has purchased ModiFace, a Canadian firm that specializes in artificial intelligence and augmented reality technology.

It's the first tech acquisition in L'Oreal's 109-year history. The French company is hoping it will bolster its previous work on virtual beauty products.

Lubomira Rochet, the chief digital officer at L'Oreal, said that ModiFace's engineers, researchers and scientists would help it develop apps and in-store services.

The two companies are working on technology that can scan a human face and provide suggestions for skin-care products based on facial wrinkles, pores, hydration levels and pigmentation.

"We really want to invent the future of the beauty experience to help our consumers discover, try and buy... the best products and brands for them," Rochet told CNN.

Related: This futuristic salon lets you preview hair colors virtually

L'Oreal, which owns brands including Kiehl's, Maybelline and Garnier, is an industry leader when it comes to technology. It made waves in 2014 when it launched a virtual makeup app that has been downloaded over 20 million times.

In January, it updated an app developed with ModiFace that allows users to scan their face with their phone and try out different hair colors.

L'Oreal has long worked to develop its online presence, said Pinar Ergun, an analyst at UBS. It has increased its advertising on digital platforms like Facebook, and paid social media "influencers" to feature its products.

The efforts have paid off, with 8% of revenue now coming from e-commerce channels.

"They have been investing quite a bit in digital," said Ergun. "If you're not online, you're definitely falling behind."

Anubhav Malhotra, an analyst at the investment bank Liberum, said the purchase would also deprive rivals of ModiFace's services.

ModiFace had worked with the cosmetics brand Benefit, which is owned by LVMH, on an app that allows customers to virtually "try on" eyebrow styles.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 293542

Reported Deaths: 6638
CountyCasesDeaths
DeSoto19560229
Hinds18674385
Harrison16512276
Rankin12595262
Jackson12451217
Lee9663160
Madison9400195
Jones7891145
Forrest7140136
Lauderdale6784225
Lowndes6008137
Lamar584480
Lafayette5707113
Washington5159128
Bolivar4594120
Oktibbeha439991
Panola426892
Pearl River4116128
Warren4114113
Pontotoc407368
Marshall399492
Monroe3980126
Union392873
Neshoba3767166
Lincoln3464100
Hancock339973
Leflore3358118
Sunflower317185
Tate300874
Pike298393
Scott292567
Alcorn290360
Itawamba288871
Yazoo283862
Tippah275665
Copiah274557
Coahoma272766
Simpson271778
Prentiss268658
Leake251770
Wayne251340
Marion250778
Covington247878
Grenada245876
Adams233277
George230645
Newton224751
Winston220275
Jasper211844
Tishomingo211765
Attala206269
Chickasaw200650
Holmes181670
Clay178149
Stone171429
Tallahatchie169839
Clarke168671
Calhoun156428
Smith151831
Yalobusha142936
Greene126833
Walthall123540
Noxubee122729
Perry121434
Montgomery121237
Lawrence119321
Carroll117623
Amite110832
Webster109929
Jefferson Davis100531
Tunica98623
Claiborne97729
Benton93124
Humphreys91626
Kemper89522
Quitman77014
Franklin75519
Choctaw69516
Wilkinson62226
Jefferson61427
Sharkey48817
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 491110

Reported Deaths: 9831
CountyCasesDeaths
Jefferson706291356
Mobile35894721
Madison32255442
Tuscaloosa23996409
Montgomery22462494
Shelby21820215
Baldwin19670274
Lee14900150
Morgan13599249
Calhoun13175285
Etowah13143319
Marshall11226206
Houston10048259
Elmore9337183
Limestone9335134
Cullman8869179
St. Clair8783220
Lauderdale8581210
DeKalb8429174
Talladega7481163
Walker6504251
Jackson6477102
Autauga620389
Blount6086125
Colbert5978118
Coffee5230102
Dale4621106
Russell401831
Franklin397876
Covington3956106
Chilton384298
Escambia377172
Tallapoosa3572141
Clarke342949
Dallas3397141
Chambers3392108
Pike293071
Lawrence281384
Marion280894
Winston246166
Bibb244260
Geneva238670
Marengo233354
Pickens223954
Barbour209951
Hale208868
Fayette199756
Butler195165
Henry182041
Cherokee176438
Monroe165938
Randolph163140
Washington156634
Crenshaw143554
Clay143354
Macon140943
Cleburne136839
Lamar131732
Lowndes130648
Wilcox120825
Bullock116336
Conecuh106523
Perry105327
Sumter98431
Coosa87823
Greene87032
Choctaw54823
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