Françoise Bettencourt Meyers, the L’Oreal heiress, is the first woman to surpass 90 billion euros in fortune, according to Bloomberg.
Francoise Bettencourt Meyers, L’Oreal heiress and richest woman in the world, has become the first woman to own assets of over 90 billion euros according to the Bloomberg Billionaires Index.
She was ranked the 12th richest person in the world, surpassing Mukesh Ambani and behind Carlos Slim, who recently became the first person in Latin America to cross the 90 billion euro mark.
Bettencourt Meyers reached this milestone as L’Oréal SA, the cosmetics empire founded by her grandfather, saw its shares reach a record high, rising 35% in 2023.
The beauty market is experiencing a robust recovery following the peak of the COVID-19 pandemic, expected to reach approximately €524 billion by 2027, with expected annual growth of 6%.
L’Oréal reported in 2022 that Bettencourt Meyers and his family owned more than 34% of the company’s shares. In the same year, according to the largest cosmetics company in the world, sales exceeded 38 billion euros.
The French beauty company earlier this year acquired Australian brand Aesop in a deal worth €2.3 billion, L’Oreal’s largest-ever brand purchase.
Its biggest previous acquisition was the €1.5 billion acquisition of YSL Beauté in 2008, according to Dealogic data.
L’Oréal owns a wide range of brands, from Giorgio Armani to Maybelline and Yves Saint Laurent.
Despite this new wealth record, Bettencourt Meyers’ fortune is significantly smaller than that of Bernard Arnault, who heads LVMH, the largest luxury goods maker globally.
He is the second richest person in the world, with assets of 162 billion euros.