By Bella Geller
Technology is everywhere, and so is beauty. It is only natural that these two worlds had to find a way of crossing paths at some point. Today, innovative technologies in the line of artificial intelligence (AI) and augmented reality (AR) have taken over most operations in the beauty space, which has led to more democratization of beauty. People now have the freedom and ability to experiment with different beauty products through AI before committing to a purchase.
Users now can easily find the best product for their unique features, which hands them the freedom to define beauty in their own understanding as opposed to having to conform to set beauty standards. Smartphone technology, for example, has brought options such as Photoshop and beauty filters that have greatly changed the beauty landscape. AI skin diagnostic technologies, on the other hand, have been a game-changer for skincare brands.
All these are tech changes that have and continue to revolutionize the beauty industry. Behind these technologies are beauty tycoons who continue to pump billions into the beauty tech every year. Some of the beauty tycoons that have made immense contributions to the beauty tech space include:
- Huda Kattan (Huda Beauty)
Fresha founder and CEO William Zeqiri recently revealed how a lucrative partnership deal with beauty tycoon Huda Kattan (of Huda Beauty) has contributed to the software company’s unprecedented growth. Fresha is currently the most sought-after subscription-free salon software in the world and a globally acclaimed provider of booking platforms for hair, beauty, and wellness businesses. It is present in 120+ countries around the world, it is trusted by over 200,000 professionals, and as of March 2022, it had processed more than 450 million appointments. The company is now valued at over $640 million. All this success wouldn’t have been possible without the huge input of Huda Kattan.
Huda Kattan is the founder of the multi-billion-dollar cosmetics brand, Huda Beauty. She is without doubt the most successful beauty entrepreneur in the world right now. And now with over 50M loyal followers on Instagram, Huda ranks among the most influential investors in the business. It is no surprise that she was able to see the huge potential that Fresha has and decided to invest in this revolutionary idea. It will be interesting to see how this collaboration accelerates Fresha’s growth in the coming years.
- Kirsten Green (Forerunner Ventures)
Kirsten Green is the founder and managing partner of San Francisco-based venture capital firm, Forerunner Ventures. The company has been investing heavily in the beauty industry over the last decade.
The most notable investment that Forerunner Ventures have made is in Curology, an online skincare platform that provides users with acne and anti-aging treatments. These treatments are prescription oriented. The platform gives acne patients a chance to consult with licensed medical professionals from the comfort of their homes. A user sends pictures of their skin, and then the professional provides a customized topical medication per the patient’s specific skin needs.
Forerunner Ventures has also invested substantially in Dollar Shave Club, a producer, and retailer of men grooming products. These include shave butter, razors, blades, washes, aftershave liquids, and wipes, all at a very affordable price.
- Vincent Warnery (Beiersdorf)
Beiersdorf, a Germany-based personal care multinational company, has been investing big in digital dermatology since the beginning of 2022. The company has already initiated its first round of investments in a dermatology start-up called “Dermanostic.” The two companies have jointly started providing digital dermatology consultations to Dermanostic clients through a smartphone app. Users of the app can now book dermatology services any day, any time, and from any location for as low as €25 ($28.67 USD). The Dermanostic app works by allowing patients to submit photos of their skin and medical records to a team of licensed dermatologists. The dermatologists then review all attached documents, try to find the best solutions, and then give a solid response, all within a day.
Digital dermatology couldn’t have come at a better time. The COVID-19 pandemic has taught us the need for tech-based services as opposed to traditional in-person services. On top of making appointment booking more efficient and easier, the technology also plays a big role in the management of COVID-19 by removing the need for people to make in-person appointments.
- L’Oréal Groupe
L’Oréal tycoons, notably the Bettencourt family, have for decades been investing heavily in beauty technology. The company is clearly not planning on slowing down any time soon. In January 2022, L’Oréal unveiled a lightweight, handheld hair coloration device named “Colorsonic”. The device mixes hair color and then applies it to a client without creating any mess —and providing the most consistent results while at it. The company’s Deputy Chief Executive Officer, Barbara Lavernos, explained that the company hopes to leverage this latest beauty tech innovation to reinvent hair coloration as we know it.
Colorsonic is not the only new tech device that L’Oréal has launched this year. The company also launched an AI-connected hair color system named “Coloright” that uses virtual try-on to help users find the best color for their hair. The device offers more than 15,000 custom color shades that clients can choose with the help of an algorithm
These two breakthrough inventions indicate L’Oréal’s commitment to transforming the hair coloration industry.
- Makeup artist Jillian Dempsey
For most people, a beauty routine means nothing more than cleansing the skin, treating, and moisturizing it using traditional products and methods. But Jillian Dempsey, a renowned Hollywood makeup artist, has committed to taking your beauty routine to the next level using technology. Her high-tech sculpting tool that is made of 24-karat gold does almost everything for its users, from toning the skin, removing toxins, eradicating wrinkles, to tightening sagging skin, leaving the skin looking radiant and healthy. The basic concept for this tool originated from the Far East, especially in Japan. Jillian Dempsey, with the help of Emilia Clarke and Leslie Mann, has done tremendously well to popularize it in the United States.
There is a ton of jaw-dropping technologies that are transforming the beauty scene as we know it. With a bunch of extraordinary business moguls who love all things beauty, we can only expect the beauty tech to keep evolving for the better.
ABOUT Bella Geller
Bella is a business consultant but mostly in her favorite industry, beauty. She enjoys time with people, reading, writing, and swimming.
Categorized in: News