ModiFace - AR Make-up

Source: ModiFace

To date, more than 100 million apps using ModiFace’s technology have been downloaded by consumers. In stores, it says its virtual makeup mirror technology has increased sales by 31 percent. That’s why brands are paying $200,000-to-$500,000 a year to integrate ModiFace’s AR capabilities into their own apps. According to chief executive Parham Aarabi, it shows the importance of personalisation in the future of beauty.

In March, Loréal, which has used ModiFace’s services since 2014, said it would acquire the technology company for an undisclosed sum. “The acquisition gives Loréal, who is racing to lead the tech revolution in beauty, a competitive edge over rivals, and puts pressure on the latter to find an alternative to ModiFace, which they used to partner with,” said Euromonitor’s Galenytska. “At the same time, it’s a definite sign that such type of technology will become more influential in reinventing how consumers shop.”

Loréal’s move comes as the world’s largest beauty companies are increasingly snapping up small start-ups to gain expertise in artificial intelligence, augmented reality and other technologies. Last year, Shiseido bought MatchCo and its ability to create custom foundation for different skin tones. “Looking ahead, brands will use consumers’ faces not only as canvases for their products, but also as a way to track consumer likes and dislikes and guide them through the shopping experience...that is both personal and gives consumers more control,” said Andrew McDougall, global beauty analyst at research firm Mintel.

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