Do they have nanobots to scurry around and remove germs inside you?

In a cluttered laboratory on the outskirts of Paris, Gustavo Luengo peers at a human skin cell under a microscope so powerful that he can view individual atoms and poke at them with a remote-controlled probe.

The beauty products business as a whole is making a big bet on nanotech. L'Oréal, which devotes about $600 million of its annual $17 billion revenues to research, is the industry leader on nanopatents. But rivals such as Procter & Gamble, Estée Lauder (EL ) of the U.S., Christian Dior of France, and Japan's Shiseido (SSDOY ) also incorporate nanoparticles into their products.

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