Technology and beauty continue to merge at an accelerating rate and there is no better example of this than when a beauty industry leader partners up with a tech start-up.
Earlier this month L’Oréal and Perfect Corp. officially announced a global partnership that will help bring L’Oreal’s makeup collections to the award-winning YouCam Makeup app. The venture began earlier this year at Cannes Film Festival where L’Oreal Paris showcased 64 virtual global beauty looks for users to try in the app.
The partnership itself is exciting for advancing omni-channel retailing and the way fans view, experience, and learn about beauty products. However, what is most commendable about this joint venture is the progression it represents in connecting industry leaders with emerging businesses.
Perfect Corp. began in 2014 by Alice Chang with a vision to transform the way retailers go brick and mobile through augmented reality. In less than three years the Perfect Corp.’s YouCam Makeup app has become the world’s leading augmented reality beauty app with over 400 million global downloads.
While the long tail strategy is prevalent in several industries where incumbents are left in fear of disruption from new businesses, L’Oréal’s decision to collaborate with a rising business sends a powerful message across industries of the importance of looking at early-stage businesses as opportunities opposed to threats. The significance of this movement is further marked by L’Oreal’s partnership with Founders Factory earlier this year in May with a commitment to supporting the growth of five high potential early start-ups every year as part of its incubator program.
As L’Oréal continues to set a new frontier in business-to-business collaboration, it will be exciting to see whether this trend will pick-up and advance the growth of new businesses across various other industries.