Francoise Bettencourt Meyers has etched her name in history as the first woman to amass a remarkable $100 billion fortune. This groundbreaking achievement not only highlights her success but also showcases the thriving landscape of France’s fashion and cosmetics sectors.
As of December 28, her wealth soared to $100.2 billion, as reported by the Bloomberg Billionaires Index. This significant milestone coincided with L’Oréal SA, the beauty products empire founded by her grandfather, reaching an all-time high in shares, positioning itself for a record-breaking year since 1998.
While Bettencourt Meyers’ fortune is impressive, it trails behind French counterpart Bernard Arnault, the founder of luxury goods giant LVMH Moet Hennessy Louis Vuitton SE, who holds the second position globally with a fortune of $179.4 billion as of the previous day’s close. France’s growing influence in luxury retail has given rise to several ultra-rich families, including those behind Hermes International SCA and the Wertheimer brothers, owners of Chanel.
The enigmatic Bettencourt Meyers, aged 70, serves as the vice-chair of the board of L’Oréal, a global powerhouse with a valuation of €241 billion ($268 billion). She, along with her family, holds the largest single stake at nearly 35%. Her sons, Jean-Victor Meyers and Nicolas Meyers, also play significant roles as directors. Founded in 1909 by her chemist grandfather, Eugene Schueller, the firm initially focused on producing and selling a hair dye he had developed.
Despite her immense wealth, Bettencourt Meyers leads a private life, avoiding the glamorous social scenes favored by many of the world’s affluent. Known for her passion for music, she spends hours daily playing the piano. As the sole heir following the 2017 passing of her mother, Liliane Bettencourt, she inherited her substantial wealth, shaped by a complex relationship.
L’Oréal faced challenges during the pandemic-induced lockdowns, experiencing a downturn as makeup usage decreased. However, a rapid rebound ensued as consumers indulged in luxury items, propelling the company’s shares up by 35% this year. Analysts, such as Brett Cooper from Consumer Edge Research, predict a further 12% rise in the company’s stock over the next year, citing its product and geographic diversity as sources of resilience.
Apart from her role at L’Oréal, Bettencourt Meyers chairs her family’s holding company, Téthys, which holds the significant L’Oréal stake. Her husband, Jean-Pierre Meyers, serves as the chief executive. Together, they established subsidiary Téthys Invest SAS in 2016, focusing on non-competing areas. With a mission to make «direct long-term investments in entrepreneurial projects,» Téthys Invest, led by CEO Alexandre Benais, recently acquired a stake in French insurance broker April Group and has investments in fashion brand Sezane and private hospital operator Elsan. The firm is partly funded by L’Oréal dividends.
Francoise Bettencourt Meyers’ ascent to a $100 billion fortune not only solidifies her place in history but also underscores the enduring success of L’Oréal and her family’s strategic investments in the beauty and fashion industry.
