L’Oreal ranked among world’s most innovative firms by Fast Company

L'Oreal has been ranked as one of the top 50 most innovative companies in the world in a list produced by the business magazine Fast Company.

The annual ranking listed the beauty and personal care giant as one of the leading drivers of business innovation for 2015, thanks to its commitment to new technology and open collaboration.

Recent achievements include the success of the firm's Connected Beauty Incubator division, which last year unveiled its debut project Makeup Genius, a first-of-its-kind virtual reality makeup experience backed by the L'Oreal Paris brand.

The app has been downloaded millions of times in less than a year and has already claimed a raft of top beauty and technology awards, including a Marie Claire Prix d'Excellence Beauty Award last month. It was the first app ever to earn one of these prizes.

Frederic Roze, president and chief executive officer of L'Oreal's US operations, said: "We are proud of this achievement, as we have worked to rapidly evolve with today's digitally connected consumer and explore new frontiers of technology."