It's fair to say that digitalization has shaken up industries across the globe as of late.
The technological age brings both advantages and disadvantages, whether that is concerns over automation or the shift of consumer spending to different sectors — it's a movement that's keeping business leaders on their toes.
Chief executive of cosmetics giant L'Oreal Jean-Paul Agon welcomes digitalization with open arms, telling CNBC that he remains optimistic on what technology can bring.
When it comes to predicting where the future of the beauty industry is going however, Agon admits that it's difficult to know specifically what's coming, yet in any case, he wants L'Oreal to stay informed and ahead of the curve.
"We really believe at L'Oreal in science and technology," the CEO and chairman told CNBC, explaining how the cosmetics giant is currently spending a considerable amount of money on research and development.
"I think the future of beauty will be more and more about technology, about quality, about formulation, about individualization, about digitalization, about responding to specific needs."