French businesswoman and the world’s richest woman, Francoise Bettencourt Meyers, has seen a slight increase in her net worth.
According to data from Bloomberg and the Forbes Billionaire Index, the 69-year-old billionaire began the year with a net worth of $80.5 billion. Her recent surge in wealth amounts to an impressive $12.1 billion increase.
Despite experiencing some losses along the way, Meyers maintains her position as the wealthiest woman in the world.
Meyers’ fortune primarily stems from her stake in L’Oreal, the largest cosmetics company globally.
She inherited this stake when her mother, Liliane, passed away at the age of 94, as stated in a company statement dated September 21, 2017. Meyers and her family currently own 33.3% of L’Oreal’s share capital, according to the company’s 2021 annual financial report.
It’s worth noting that a significant portion of Meyers’ wealth is inherited from her family.
What contributed to Meyers’ increase in net worth?
A breakdown reveals that, as of this report, L’Oreal’s stock prices are bullish at $422, compared to $427 on July 3, 2023.
A review of June 5, 2023, showed the stock price at $407, indicating growth between that time and the present.
L’Oreal’s first-quarter report from April revealed a +13.0% increase in group sales. The net impact of changes in the scope of consolidation was +1.0%. On a reported basis, group sales rose by +14.6% to 10.38 billion euros.
Commenting on these figures, Nicolas Hieronimus, CEO of L’Oréal, said:
- “In a beauty market that remains very dynamic, L’Oréal has maintained strong growth momentum and posted an excellent first quarter, with sales up +13.0% like-for-like and +14.6% reported.
- Boosted by valued innovations across all divisions and the commitment of our teams worldwide, L’Oréal has outperformed the market in all geographic zones, solidifying its leadership position.
- This performance, which has yet to benefit from China’s reopening, demonstrates the strength of L’Oréal’s balanced multipolar model. I am excited to soon welcome the remarkable Aēsop brand and its teams, which will strengthen L’Oréal Luxe.”
Background
Bettencourt Meyers, at 69 years old, is the largest individual shareholder in L’Oréal with a nearly 35% stake. She is among a group of French luxury titans whose companies have thrived due to the demand for high-end makeup, clothing, and jewellery, as reported by Bloomberg.
Francoise Bettencourt Meyers currently ranks as the 11th wealthiest person globally, up from No. 14 last year.
Meyer clings to the number one position in the world as the richest woman. Since taking her mother’s spot on the list, the family fortune has continued to thrive under her watch. (Nairametrics)
