Francoise Bettencourt Meyers is the first woman to amass a fortune worth $100 billion, Bloomberg reported. He added that this is another boundary crossed by the heiress of the French fashion and cosmetics empire.
Bettencourt Meyers’ fortune increased to $100.1 billion, according to the Bloomberg Billionaires Index. This comes as shares of L’Oréal SA, the cosmetics giant founded by her grandfather, surged to record levels. This is the best year since 1998. The 70-year-old is the 12th richest person in the world, just behind Carlos Slim Mexico – Bloomberg reported.
$100 billion Francoise Bettencourt Meyers
The agency noted that Bettencourt Meyers’ fortune is still much smaller than that of French compatriot Bernard Arnault, founder of luxury goods supplier LVMH Moet Hennessy Louis Vuitton SE, who ranks second in the global ranking with $179 billion.
Growing dominance France in luxury retail has spawned several other ultra-wealthy families, including the clan behind Hermes International SCA, which has amassed the largest family fortune in Europe, and the Wertheimer brothers, who own Chanel.
Who is Francoise Bettencourt Meyers
Bettencourt Meyers is vice chairwoman of the board of L’Oréal, a $268 billion global company in which she and her family are the largest shareholders with almost 35 percent. shares. Her sons, Jean-Victor Meyers and Nicolas Meyers, are also directors. Run for decades by non-family managers, the company was founded in 1909 by Bettencourt Meyers’ grandfather, Eugene Schueller. Back then, it produced and sold the hair dye he had developed.
Bettencourt Meyers eschews the glitz and social life sought by many of the world’s wealthy people. She has written two books – a five-volume Bible study and a genealogy of the Greek gods – and is known for playing the piano for many hours every day.
Stock market growth
Bettencourt Meyers is an only child who became wealthy after the death of her mother, Liliane Bettencourt, in 2017. The legal battle between the ladies in the 1980s grew from a family feud into a political scandal that centered on whether the elderly mother was able to manage the family estate, Bloomberg reported.
He added that L’Oréal grew rapidly in the decade before the pandemic but suffered during the health crisis when makeup was used less frequently during lockdowns. This was followed by a sharp rebound as consumers started buying luxury products, sending the stock up 35% this year.
According to Consumer Edge Research analyst Brett Cooper, the company’s shares could rise another 12%. over the next year, due to product and geographic diversity.
Bettencourt Meyers also chairs the family holding company Téthys, which owns shares in L’Oréal. Her husband, Jean-Pierre Meyers, is the CEO. In 2016, they both founded the subsidiary Téthys Invest SAS, which focuses on areas that do not compete with the company.
Téthys Invest recently acquired a stake in the French insurance broker April Group. Last year, the company also bought the decade-old fashion brand Sezane and invested in the French private hospital operator Elsan. The company is partially financed by dividends L’Oréal – Bloomberg pointed out.
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