Alibaba Invests in Taiwan-based Startup for Virtual Makeup Tryouts
Perfect Corp. announced a global strategic partnership with Alibaba Group Holding Ltd. (NYSE: BABA) in augmented reality technology with online beauty tryouts Thursday.
The Taiwan-based startup, with 750 million downloads, said it has seamlessly integrated its YouCam Makeup AR virtual try-on technology into Taobao and Tmall in an official statement.
Consumers can try AR makeup styles, lipsticks with seven textures, blush, eyeliner, eyelashes, eyeshadow and complete makeup looks. The company said it aims to increase consumer engagement with beauty products while shopping at Taobao and Tmall, boost online sales and improve customer satisfaction.
"The groundbreaking strategic partnership with Alibaba group had positioned Perfect Corp.'s Beauty SaaS solutions as the recognized solution for global brands in digital transformation," Alice Chang, the founder and chief executive officer of Perfect Corp., said.
The self-claimed "industry game changer" also provides services including smart shade finder, facial recognition powered by artificial intelligence, beauty advisor, live streaming and so on.
China's largest e-commerce company is reported to lead a new round of funding for the startup in Taiwan, which ranked the company's largest bet in the region, according to Bloomberg. Among other institutional investors were reportedly Chinese venture capital firm CCV and Taiwan's Cyberlink Corp.
"We need the innovative technology to level up the consumer experience, and also the product experience, shopping experience to fulfill the demands of our customers," Mike Hu, representative of Tmall, Alibaba's e-commerce unit, said.
3D live makeup try-on technology has been applied widely in the U.S., covering Sephora Virtual Artist, L'Oréal Paris, New York-based Maybelline with instant try-on eye, lip and cheek makeup.
Shares in Alibaba closed at $180.43 apiece Thursday, level with yesterday's close.
Stock in Rise Education Tumbles 7% Despite Revenue, Income Growth
Pharmacy Supplier 111 Inc. Sees Stock Drop 5% on Losses Despite Growth
BEST Posts Narrowed Losses, Lowers Full-year Outlook
Cango Shares Jump 8% on Financing Growth Amid Weak Auto Market
Sina, Weibo Shares Plunge on Weak Growth, Income Drop
Alibaba Announces Expected Pricing for Hong Kong IPO