“When you go to Walmart you’re not actually able to try your lipstick on,” L’Oreal Chief Digital Officer Lubomira Rochet told FOX Business’ Maria Bartiromo on Wednesday. “Purples, or green or black you want to see how it feels on you, so you can do that right on our website.”
Rochet said new technology like Augmented Reality (AR) and Artificial Intelligence (AI) allows customers in 150 countries to test merchandise from 36 brands, before buying it.
“People try it and we recommend the right product,” she said.
The cosmetic company’s most important brands include L’Oreal Paris, Garnier, Maybelline New York and Softsheen. The company recently acquired Modiface, a leading provider of AR technology for the beauty industry.
Rochet said people are spending twice as much time online testing beauty products like eye shadows, hair colors, foundation choices, and 42 shades of lipstick. The service is also being made available to third party technology companies like Amazon, Facebook, Instagram and Google.
“We really want to open up, open source those technologies to elevate the consumer beauty experience,” Rochet said.
L’Oreal’s cosmetic portfolio consist of 36 brands in 150 countries, employing 86,000 people worldwide. Last year, the beauty company generated $30.23 billion in sales.