L'Oreal heiress becomes world's first woman to reach $100B fortune
What's the story
L'Oréal heiress Françoise Bettencourt Meyers has made history as the world's first woman to reach a $100 billion fortune (nearly Rs. 8.3 lakh crore), according to the Bloomberg Billionaires Index. This achievement comes as L'Oréal's shares hit a record high in Paris, with the company experiencing its best stock market performance in decades. The French beauty giant, founded by her grandfather, has seen a sales rebound after the pandemic, as people under lockdown used less makeup.
Details
Bettencourt Meyers is 12th richest person globally
Currently the 12th richest person globally, Bettencourt Meyers's $100 billion net worth still trails fellow French billionaire Bernard Arnault, who ranks world's second with a $179 billion fortune. Arnault is the founder of LVMH, the world's largest luxury goods group, which owns high-end brands like Fendi and Louis Vuitton. France's luxury retail sector has given rise to several ultra-wealthy families. L'Oréal's share price has surged over 33% this year and over 125% in the last five years.
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Heiress and family hold 35% stake in L'Oréal
As the vice chairperson of L'Oréal's board, Bettencourt Meyers and her family are the company's largest shareholders, holding around 35% of its stake. Her sons, Jean-Victor Meyers and Nicolas Meyers, also serve as directors. The firm was established in 1909 by her chemist grandfather, Eugene Schueller, who developed and sold a hair dye. For decades, the company has been managed by non-family executives.
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Private life away from media limelight
In contrast to her mother, Liliane Bettencourt, who enjoyed media attention and close relationships with French leaders, Bettencourt Meyers prefers privacy over attending high-profile social events. She is known to play piano for hours daily and has authored two books: a five-volume study of the Bible and a genealogy of Greek gods. "She really lives inside her own cocoon. She lives mainly within the confines of her own family," Tom Sancton, author of The Bettencourt Affair, told BBC.
Facts
Bettencourt Meyers also chairs family's holding company, Téthys
Bettencourt Meyers also chairs Téthys, her family's holding company that owns the L'Oréal stake, with her husband, Jean-Pierre Meyers, as CEO. In 2016, the couple established Téthys Invest SAS, a subsidiary that invests in areas not competing with L'Oréal. The firm has recently acquired stakes in French insurance broker April Group, fashion brand Sezane, and private hospital operator Elsan, partially funded by L'Oréal dividends.