The estimated wealth of French entrepreneur Francoise Bettencourt-Meyers has risen to $100.2 billion
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Francoise Bettencourt-Meyers, the granddaughter of L’Oréal’s founder, has become the first woman to amass a fortune of $100 billion. This is what emerges from the Bloomberg billionaires Index. Specifically, in Thursday’s session, after the L’Oreal stock gained 0.58%, reaching the record price of 451.30 euros, the French entrepreneur’s estimated assets rose to 100.2 billion dollars ( 90,507 million euros). Bettencourt-Meyers, 70, is vice president of the board of directors of L’Oréal, the group founded in 1909 by his chemist grandfather, Eugene Schueller. As an only child, Bettencourt-Meyers inherited the majority of her estate after the death of her mother, Liliane Bettencourt, in 2017. Today the businesswoman and her family are the largest shareholders of L’Orealwith almost 35%.
Despite the profit recorded, Bettencourt-Meyers’ assets remain lower than that of his French compatriot Bernard Arnault, founder of Lvmh Moët Hennessy Louis Vuitton second in the world ranking of the rich with an estimated wealth of 179.4 billion dollars (162,046 million euros).
Piano and books
Bettencourt Meyers keeps her private life very private, avoiding the lavish social life sought by many of the world’s wealthy. She has written two books – a five-volume study of the Bible and a genealogy of the Greek gods – and is known to play the piano for hours every day.
Bettencourt Meyers had a sometimes contentious relationship with her mother Liliane Bettencourt. A legal battle over the years has grown from a family feud to a political scandal centered on the elderly mother’s ability to manage the family’s wealth. Last month, Netflix released a three-part documentary, L’Affaire Bettencourt, chronicling the saga involving a former French president and secret recordings made by a butler.
The society
L’Oréal grew rapidly in the decade before the pandemic, but took a hit during the health crisis, when people in lockdown used less cosmetics. That was followed by a quick rebound as consumers splurged on luxury items, sending shares up 35% this year.
L’Oréal – underlines Bloomberg – is a global company worth 241 billion euros (268 billion dollars) of which she and her family are the largest shareholders with a share of almost 35%. Her sons, Jean-Victor Meyers and Nicolas Meyers, also have management roles. Run for decades by executives outside the family, the company was founded in 1909 by Bettencourt Meyers’ chemist grandfather, Eugene Schueller, to produce and sell a hair dye he developed.
According to Consumer Edge Research analyst Brett Cooper, the company’s shares could rise another 12% over the next year as its geographic and product diversity shows resilience.
Business in Tethys
Bettencourt Meyers also chairs the family holding company, Téthys, which holds L’Oréal’s stake. Her husband, Jean-Pierre Meyers, is CEO. In 2016, the two founded the subsidiary Téthys Invest SAS, which bets on sectors that do not compete with the company. With the declared intention of making “long-term direct investments in entrepreneurial projects”, the CEO of Téthys Invest is Alexandre Benais, a former Lazard Ltd. investment banker.
Téthys Invest recently acquired a stake in French insurance broker April Group. Last year it acquired decades-old fashion brand Sezane and also invested in French private hospital operator Elsan. The company is partly financed by dividends from L’Oréal.
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2023-12-28 21:55:39
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