Coffee N° 5 with Lara Schmoisman
Episode: The Future of Beauty Tech: AI, Innovation & Smart Solutions with Wayne Liu
Release Date: February 25, 2025

Introduction

In this insightful episode of Coffee N° 5, host Lara Schmoisman engages in a comprehensive conversation with Wayne Liu, CEO of Perfect Corp., a pioneering company at the intersection of beauty and technology. As a trailblazer in beauty tech, Liu shares his journey, the innovative technologies his company employs, and the transformative impact of AI on the beauty and wellness industries.

The Genesis of Perfect Corp.

Lara Schmoisman (B) welcomes Wayne Liu, expressing her admiration for his work and introducing him as the CEO of Perfect Corp., a leader in beauty technology. She emphasizes the revolutionary nature of his company's approach in merging beauty with technology. Wayne Liu (A) delves into the origins of Perfect Corp., highlighting the merger of beauty and technology over the past decade. He recounts how, faced with the stagnation of PC growth, his team pivoted to leverage their expertise in color, video processing, and photo processing to create innovative solutions for the beauty industry.

Wayne Liu [01:17]: "We merged beauty and technology, starting with the idea to make the most frequently used mobile feature—the camera—more beautiful and fun."

Innovation in Virtual Try-On Technology

Liu explains the foundational idea of leveraging mobile cameras as mirrors to enhance the user experience. The company’s initial focus was on solving common challenges faced by consumers, such as uncertainty in applying makeup and the friction retailers face in consumers trying new products.

Wayne Liu [04:28]: "We are solving the problem from both the consumer and the brand side by reducing the friction of trying new things."

Business Model: B2C and B2B

Perfect Corp. operates on a dual business model, catering to both consumers (B2C) and businesses (B2B). Initially, they launched a suite of apps under the YouCam family, experiencing rapid organic growth with millions of downloads. While the apps remain free, premium features are available through subscription fees. On the B2B side, Perfect Corp. licenses its virtual try-on and skin analysis technologies to over 700 brands, ranging from luxury names like Chanel to mass retailers like Walmart.

Wayne Liu [05:00]: "Our customers are both the brands who license our technology and the consumers who use our apps to enhance their beauty routines."

Expanding into Fashion and Accessories

Liu discusses the expansion of Perfect Corp.'s technology into fashion and accessories, addressing the unique challenges this posed. Transitioning from facial applications to full-body accessories required advanced technologies like Physically Based Rendering (PBR) and AI-driven 3D modeling.

Wayne Liu [07:03]: "We use PBR to simulate object movement with lighting, enabling accurate virtual try-ons for accessories like watches and shoes."

To further enhance their capabilities, Perfect Corp. recently acquired Wana, a leader in virtual shoe try-on technology, allowing them to offer a comprehensive virtual try-on experience from head to toe.

Wayne Liu [09:14]: "With the acquisition of Wana, we can now provide virtual try-ons for shoes, complementing our existing facial and accessory technologies."

Overcoming Technological Challenges

Ensuring accuracy and realism in virtual try-ons was a significant challenge. Perfect Corp. developed color blending technologies to accurately represent makeup colors across diverse skin tones and finishes. This meticulous approach ensured that virtual try-ons were not mere stickers but realistic representations that brands could trust.

Wayne Liu [11:18]: "Our color blending technology ensures that makeup colors reflect accurately on different skin tones and finishes, making our virtual try-ons truly real."

Embracing AI: Present and Future

AI has been integral to Perfect Corp.'s innovations from the outset. Liu shares his perspective on the continual evolution of AI, emphasizing its non-reversible integration into technology advancements. He underscores the importance of understanding and leveraging AI responsibly to solve real-world problems.

Wayne Liu [15:26]: "The question is not whether to use AI, but how to use it effectively to solve problems."

Medical Accuracy and Partnerships

Perfect Corp. extends its AI capabilities into the medical realm through skin analysis tools. Collaborating with universities and medical professionals, they ensure that their AI-driven diagnostics are accurate and unbiased. Liu highlights a study conducted with Dr. Steve Feldman, a board-certified dermatologist, which validated the accuracy and consistency of their skin analysis tool compared to traditional methods.

Wayne Liu [17:02]: "Our collaboration with Dr. Feldman demonstrated that our AI is not only accurate but sometimes less biased than traditional methods."

Addressing Concerns: Self-Diagnosis and Ethical Use

Liu addresses potential concerns about self-diagnosis using AI, emphasizing the importance of organizational support and responsible usage. While Perfect Corp.'s tools empower users with information, they are designed to complement, not replace, professional medical advice.

Wayne Liu [24:00]: "Our technology empowers users but is not intended to replace professional medical diagnoses or prescriptions."

Future Possibilities

Looking ahead, Liu envisions further integration of AI in areas like drug discovery and advanced diagnostics, positioning Perfect Corp. to continue leading innovations that bridge beauty, wellness, and technology.

Wayne Liu [25:18]: "This is just the beginning. With proper harnessing of AI, we can generate even more benefits and transformative solutions."

Conclusion

Lara Schmoisman concludes the episode by expressing her fascination with the advancements and future possibilities presented by Wayne Liu and Perfect Corp. The conversation underscores the pivotal role of AI in revolutionizing the beauty and wellness industries, offering listeners a glimpse into the future of beauty tech.

Lara Schmoisman [25:31]: "I agree with you 100%. Thank you again for having coffee with us today."

Discover More:
For additional insights and resources discussed in this episode, visit larashmoisman.com or check the episode notes below. Don’t forget to subscribe to Coffee N° 5 for more actionable business strategies and inspiring success stories.