L’Oreal Faces Competition With Strategic Acquisition

L'Oreal Faces Competition With Strategic Acquisition

French cosmetics giant L’Oreal SA announced today it will acquire Toronto-based ModiFace, a creator of augmented reality and artificial intelligence for beauty brands like MAC Cosmetics, LVMH-owned Sephora and Benefit Cosmetics. Financial terms for the deal were not disclosed.

ModiFace is considered the industry standard in beauty for augmented reality and artificial intelligence, providing 100 different brands technology such as allowing a user to upload a selfie to their smartphone and then test makeup looks including lipstick, blush and eyeshadow without having to physically test it.

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