L’Oréal SA has seen a record-high share price this year making its heir Françoise Bettencourt Meyers the first woman whose wealth crossed $100 billion. The 70-year Frenchwoman, along with their family is the largest stakeholder in the France-based global cosmetics company. L’Oreal is reportedly worth $268 billion and Bettencourt Meyers owns about 35 percent of the company.
On Thursday, the Bloomberg Billionaire Index said that the L’Oréal heir was worth $100.2 billion. She became the first woman to cross the $100 billion mark although she is still far behind French compatriot Bernard Arnault. Arnault is the second richest man in the world and was worth $179.4 billion on Wednesday’s close.
During the pandemic, Arnault the founder of luxury goods company LVMH became the richest man in the world as he overtook Elon Musk. However, Elon Musk retook his top position within months and remains the richest man in the world.
Chemist Eugene Schuller founded L’Oréal in 1909. The first product developed by him was a hair dye. The company grew with a range of products and became a global cosmetics company through the decades. The company wealth was passed on to his only daughter Liliane Bettencourt and her daughter Francoise Bettencourt Meyers became the heir in 2017, after the death of Liliane.
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Although L’Oréal saw a plunge in value during the pandemic as makeup and cosmetics were minimally used during lockdowns, there was a huge bounce back after the pandemic. L’Oréal shares rose by 35 percent in 2023 as consumers went back to buying luxury items.
Françoise Bettencourt Meyers is considered to be a recluse. She does not lead a glamorous lifestyle. She has authored two books including a five-volume Bible study and a genealogy of Greek Gods. She is also a proficient piano player.
Francoise Bettencourt Meyers is the vice-chair of the board. Her sons Jean-Victor Meyers and Nicolas Meyers are directors on the L’Oréal board. The company is run by executives who are not family members.
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