L’Oréal, Meta, HEC Paris Launch a Metaverse Startup Accelerator

L’Oréal, Meta, HEC Paris Launch a Metaverse Startup Accelerator

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The global cosmetic giant L’Oréal, Meta, and French business school HEC Paris are collaborating to launch a startup accelerator program to augment creativity in the metaverse.

At least five startups focusing on 3D creation, augmented reality (AR), virtual reality (VR), mixed reality, avatar creation, portability in user experience, token economy, or other Web3 and metaverse-related topics will receive support from the program. They don’t necessarily have to be active in or connected to the beauty industry.

It will be located in the Meta space of Station F, which bills itself as the largest startup campus in the world, in the 13th arrondissement of Paris. Applications are open until November 20. In December, a jury of representatives from Meta, L’Oréal, HEC, and business owners and investors will choose the startups. The program will then run from January to June 2023. The program will provide mentorship and access to experts and investors to those who are selected.

“It brings a lot of young talents together. They’re the future. Imagine the massive creative energy that it generates,” said Asmita Dubey, the Chief Digital and Marketing Officer at L’Oréal.

Following the crypto crash this year, some skeptics think the hype surrounding NFTs and everything Web3 is starting to fade. However, fashion, luxury, and beauty companies keep funding new initiatives. The most recent development came last week when Nike-owned digital fashion startup Rtfkt and LVMH-owned luxury luggage brand Rimowa announced a new partnership.

Nevertheless, L’Oréal continues to support Web3. Many of its brands have launched a flurry of Web3 initiatives, including YSL Beauty, Lancôme, Mugler, Armani Beauty, and Nyx Professional Makeup.

L’Oréal purchased Modiface, an AR beauty company, in 2018. A platform integration using Modiface to bring AR-powered makeup try-on to Instagram was announced by L’Oréal and Meta (formerly Facebook) in 2021.

“AR beauty and makeup is growing every day. More and more consumers are using it,” added Dubey.

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