Francoise Bettencourt Meyers, the 70-year-old French billionaire and owner of L’Oreal, the world’s leading cosmetics company, has recently experienced a drop in her net worth.
According to data tracked on Bloomberg’s billionaire index, Meyers’ fortune has depleted by a staggering $1.2 billion, reducing her total net worth to $92.2 billion.
This is a substantial decrease from her previous net worth of $93.5 billion, which she held before the fall in market value price.
The decline in L’Oreal’s stock prices has played a major role in this financial setback. Two weeks ago, as reported by Nairametrics, L’Oreal’s stock was valued at €422, but it has now dropped to €407.
On the French company’s website, L’Oreal’s current share price stands at 408.35 euros, indicating a fractional increase. However, just a few days prior, on Friday, July 14, 2023, the shares traded at 421 euros. This signifies a considerable drop in the share price over the review period.
Francois Meyers background
Francoise Bettencourt Meyers is the largest individual shareholder in L’Oreal, with an impressive nearly 35% stake.
She is part of a group of French luxury titans whose companies have flourished due to the demand for high-end makeup, clothing, and jewellery, as reported by Bloomberg.
Meyers currently holds the 13th spot on the list of the world’s wealthiest individuals, an improvement from her 14th ranking last year.
As the richest woman in the world, she continues to hold the number one position, overseeing the growth of the family fortune since taking over from her mother.
Regarding L’Oreal’s performance, it was reported in April that the company achieved a 13% rise in first-quarter sales, surpassing expectations, thanks to robust business in the United States and Europe.
Despite the challenges posed by rising prices, L’Oreal’s sales reached 10.38 billion euros ($11.37 billion) in the first three months of the year.
Europe and North America experienced significant sales growth of 16% and 16.6% respectively.
The company attributed this success to the strong performance of its consumer products division, which has been shifting upmarket, and its dermatological beauty division, selling CeraVe skincare.
In mainland China, luxury sales remained flat due to low inventories, but consumer demand and store traffic resumed from February after the end of COVID-19 curbs.
Regardless of setbacks in Meyers’ net worth and L’Oreal’s share prices, the company’s solid performance in various markets indicates a potential for recovery.
Investors and stakeholders will closely monitor how Meyers and the company’s management navigate through these challenging times.
Wow…. What a great woman.