In a monumental moment for women in business, Francoise Bettencourt Meyers, the heiress of the L’Oréal beauty empire, has officially joined the exclusive $100 billion fortune club. This significant financial milestone, as reported by the Bloomberg Billionaires Index, was achieved as L’Oréal SA’s stock soared to record heights, marking its most prosperous year since 1998.
Despite this remarkable achievement, Bettencourt Meyers’ fortune still trails behind fellow French tycoon Bernard Arnault of LVMH Moet Hennessy Louis Vuitton SE, who boasts a staggering $179.4 billion. France’s luxury retail sector has been a breeding ground for immense wealth, nurturing affluent families like the Hermes International SCA and the Wertheimers of Chanel.
The 70-year-old Bettencourt Meyers, a reserved figure in the public eye, serves as the vice-chair of L’Oréal’s board. This colossal €241 billion ($268 billion) company, founded in 1909 by her grandfather Eugene Schueller, holds the Bettencourt Meyers family as its largest shareholder with a nearly 35% stake. Bettencourt Meyers’ sons, Jean-Victor and Nicolas, also contribute to the family legacy as directors.
Renowned for her privacy and eschewing the extravagant lifestyle often associated with the ultra-rich, Bettencourt Meyers dedicates her time to intellectual pursuits. She’s an accomplished author, having penned a comprehensive study of the Bible and a detailed genealogy of Greek gods, and is passionately devoted to playing the piano daily.
Her path to wealth, following her mother Liliane Bettencourt’s passing in 2017, was not without turmoil. The early 2000s saw her embroiled in a high-profile legal and familial dispute, questioning her mother’s competency in managing their vast fortune. This saga, which entangled a former French president and involved secret recordings, was recently dramatized in a Netflix documentary, “L’Affaire Bettencourt.”
The pandemic posed challenges for L’Oréal, as lockdowns led to a temporary dip in makeup usage. However, the company swiftly recovered, benefiting from a consumer surge in luxury goods that propelled its shares up by 35% this year. Analysts, including Consumer Edge Research’s Brett Cooper, predict a continued upward trajectory for the company’s stock, attributing its success to the diversity of its products and global market presence.
Beyond L’Oréal, Bettencourt Meyers oversees Téthys, the family’s holding company. She, alongside her husband Jean-Pierre Meyers, who acts as the CEO, established Téthys Invest SAS in 2016. This subsidiary focuses on long-term investments in non-competitive sectors, guided by former Lazard Ltd. investment banker Alexandre Benais. Téthys Invest’s portfolio includes stakes in the French insurance broker April Group, fashion brand Sezane, and private hospital operator Elsan, with funding partly sourced from L’Oréal dividends.
Francoise Bettencourt Meyers’ ascent to the $100 billion mark is not just a personal triumph but a testament to the evolving role of women in global business and finance. Her story, characterized by a blend of elegance, intellect, and privacy, continues to inspire and redefine the narrative of women’s success in the corporate world.
