Françoise Bettencourt Meyers has achieved a remarkable milestone by becoming the first woman to accumulate a fortune exceeding $100 billion. This landmark achievement not only reflects her success but also underscores the prosperity of France’s thriving fashion and cosmetics sectors.
As of Thursday, her wealth reached an impressive $100.2 billion, driven in part by the record-breaking performance of L’Oréal SA shares. The beauty empire, founded by her grandfather, experienced a surge, marking its best year since 1998.
It’s worth noting that while Bettencourt Meyers’ fortune is substantial, it still falls below that of Bernard Arnault, the founder of LVMH Moet Hennessy Louis Vuitton SE, who holds the second spot in global rankings with $179.4 billion as of the previous Wednesday. France’s ascendancy in luxury retail has led to the emergence of several other affluent families, such as the Hermes International SCA clan, boasting Europe’s largest family fortune, and the Wertheimer brothers, proprietors of Chanel.
At the age of 70, Bettencourt Meyers serves as the vice chair of the board at L’Oréal, a global company valued at €241 billion ($268 billion), where she and her family maintain a significant ownership stake of almost 35%. Her sons, Jean-Victor Meyers and Nicolas Meyers, also hold directorial positions. Although the company has been managed by non-family executives for many years, it was originally founded in 1909 by Bettencourt Meyers’ chemist grandfather, Eugene Schueller.
Known for her privacy, Bettencourt Meyers eschews the extravagant social lives often associated with the wealthy. She is an accomplished author, having written a five-volume study of the Bible and a genealogy of the Greek gods. Additionally, she dedicates hours each day to playing the piano.
Bettencourt Meyers inherited her wealth as the only child after the passing of her mother, Liliane Bettencourt, in 2017. Their relationship was at times contentious, leading to an ongoing legal battle that has evolved into a political scandal, questioning the elderly mother’s ability to manage the family’s wealth. Netflix Inc. recently released a documentary, “The Bettencourt Affair,” shedding light on this saga involving a former French president and secret recordings made by a butler.
L’Oréal faced challenges during the pandemic, with a decline in makeup usage during lockdowns. However, a swift rebound followed as consumers indulged in luxury items, resulting in a 35% increase in the company’s shares this year. According to analyst Brett Cooper, L’Oréal’s shares could potentially rise by another 12% in the coming year due to the resilience demonstrated by its product mix and geographic diversity.
In addition to her role at L’Oréal, Bettencourt Meyers chairs the family holding company, Téthys, which owns the L’Oréal stake. Her husband, Jean-Pierre Meyers, serves as the general director. Together, they created Téthys Invest SAS in 2016, focusing on non-competing areas of the company with the aim of making long-term direct investments in entrepreneurial projects. Alexandre Benais, a former investment banker at Lazard Ltd., is the CEO of Téthys Invest.
Notably, Téthys Invest recently acquired a stake in the French insurance broker April Group and made investments in the decade-old fashion brand Sezane and the French private hospital operator Elsan. The company is partly funded by dividends from L’Oréal, showcasing a strategic approach to diversification and sustained growth.