Her wealth jumped to $100.1 billion on Thursday, in accordance with the Bloomberg Billionaires Index.
Francoise Bettencourt Meyers turned the primary girl to amass a $100 billion fortune, marking one other milestone for the heiress and for France’s increasing style and cosmetics industries.
Her wealth jumped to $100.1 billion on Thursday, in accordance with the Bloomberg Billionaires Index. The milestone got here as shares of L’Oreal SA, the sweetness merchandise empire based by her grandfather, rose to a document excessive, with the inventory set for its finest yr since 1998. She’s the Twelfth-richest particular person on this planet, simply behind Mexico’s Carlos Slim.
Regardless of the achieve, Bettencourt Meyers’ fortune continues to be considerably lower than that of French compatriot Bernard Arnault, founding father of luxurious items purveyor LVMH Moet Hennessy Louis Vuitton SE, who’s second within the international rating with $179 billion. France’s rising domination of luxurious retail has spawned a number of different ultra-rich households, together with the clan behind Hermes Worldwide SCA, who’ve amassed Europe’s largest household fortune, and the Wertheimer brothers who personal Chanel.
The reclusive Bettencourt Meyers, 70, is vice-chair of the board of L’Oreal, a globe-spanning 241 billion kilos ($268 billion) firm through which she and her household are the only greatest shareholders with a stake of practically 35%. Her sons, Jean-Victor Meyers and Nicolas Meyers, are additionally administrators. Run by executives from exterior the household for many years, the agency was based in 1909 by Bettencourt Meyers’ chemist grandfather, Eugene Schueller, to provide and promote a hair dye he had developed.
Bettencourt Meyers retains her life non-public, shunning the glitzy social life sought by many the world’s rich. She has written two books – a five-volume examine of the Bible and a family tree of the Greek gods – and is understood for enjoying piano for hours day by day.
Inventory Rebound
As an solely youngster, Bettencourt Meyers got here into her wealth following the 2017 dying of her mom, Liliane Bettencourt, with whom she had an at occasions contentious relationship. A authorized battle within the aughts grew from a household feud to a political scandal that centered on whether or not the aged mom was match to handle the household’s wealth. Final month, Netflix Inc. got here out with a three-part documentary, L’Affaire Bettencourt, relating the saga that featured a former French president and secret recordings made by a butler.
L’Oreal grew quickly within the decade main as much as the pandemic however took a success through the well being disaster when folks underneath lockdown used much less make-up. That was adopted by a speedy rebound as shoppers splurged on luxurious gadgets, sending the shares up 35% this yr.
The corporate’s inventory may rise one other 12% over the subsequent yr as its product and geographic range exhibits resilience, in accordance with Client Edge Analysis analyst Brett Cooper.
Bettencourt Meyers additionally chairs her household’s holding firm, Tethys, which has the L’Oreal stake. Her husband, Jean-Pierre Meyers, is chief government. In 2016, the 2 arrange subsidiary Tethys Make investments SAS, which bets on areas that do not compete with the corporate.
With the said intention of creating “direct long-term investments in entrepreneurial tasks,” the CEO of Tethys Make investments is Alexandre Benais, a former Lazard Ltd. funding banker.
Tethys Make investments not too long ago acquired a stake in French insurance coverage dealer April Group. Final yr, it purchased into decade-old style model Sezane, and has additionally invested in French non-public hospital operator Elsan. The agency is partly funded by L’Oreal dividends.
(Aside from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)
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