World’s richest female, L’Oreal heiress Francoise Bettencourt Meyers has achieved a historic milestone as the first woman to accumulate a $100 billion fortune, propelled by the growth in France’s fashion and cosmetics sectors.
According to the Bloomberg Billionaires Index, Bettencourt Meyers, wealth jumped to $100.1 billion by the close of Thursday’s trading session.
This upswing correlates with the robust performance of her shares in L’Oréal SA, the beauty products empire established by her grandfather, marking its best year since 1998.
About 6 months ago, Bettencourt Meyers was worth $92.6 billion based on an earlier report by Nairametrics.
However, despite this notable achievement, Bettencourt Meyers’ fortune remains considerably less than that of her French compatriot Bernard Arnault, the founder of luxury goods conglomerate LVMH Moet Hennessy Louis Vuitton SE, who secures the second position in the global ranking with $179 billion.
France’s escalating influence in luxury retail has given rise to several other affluent families, such as the Hermes International SCA clan, holding Europe’s largest family fortune, and the Wertheimer brothers, proprietors of Chanel.
What you should know about Bettencourt Meyers
Bettencourt Meyers, at 70, stands as one of the oldest female billionaires globally. Leading L’Oréal, a powerhouse with a market value of €241 billion ($268 billion), she and her family command the largest single ownership share, totaling nearly 35%. Her sons, Jean-Victor Meyers and Nicolas Meyers, also contribute as directors in the company.
Her journey is intertwined with the legacy of L’Oréal, founded in 1909 by her chemist grandfather, Eugene Schueller.
Her private demeanor is complemented by her role as vice-chair of the board, steering the course of the multinational company.
Backstory
The transition of wealth to Bettencourt Meyers occurred in 2017 following the passing of her mother, Liliane Bettencourt, accompanied by a legal saga and familial tensions. A recent Netflix documentary, “L’Affaire Bettencourt,” delves into this intricate family history, featuring a former French president and clandestine recordings.
- Beyond her role at L’Oréal, she oversees her family’s holding company, Téthys, which holds a substantial L’Oréal stake.
- Collaborating with her husband, Jean-Pierre Meyers, she has ventured into diverse investments through subsidiary Téthys Invest SAS.
- This subsidiary focuses on non-competing sectors, recently acquiring stakes in entities like French insurance broker April Group and fashion brand Sezane.
- As L’Oréal continues to rebound post-pandemic, with a 35% surge in shares this year, Bettencourt Meyers anticipates further growth, backed by the company’s resilience and global product diversity.