L'Oreal SA's heiress & Vice chairperson Francoise Bettencourt Meyers has become the first woman in the world to accumulate a $100 billion fortune.
Meyers' wealth jumped to $100.1 billion on Thursday as per the Bloomberg Billionaires Index. This, after L'Oreal shares rose to a record high on Thursday, with the stock poised for its best year since 1998. The surge in the stock can be attributed to the expanding beauty industry and France's influence in the segment. Meyers is now the world's 12th richest person.
The reserved Bettencourt Meyers, aged 70, serves as the vice-chair of the board at L'Oreal which is valued at $268 billion. She and her family hold the largest stake in the company, owning nearly 35%. Her sons, Jean-Victor Meyers and Nicolas Meyers, also hold positions as directors.
Founded in 1909 by Bettencourt Meyers' grandfather, Eugene Schueller, a chemist, the firm has been led by non-family executives for many years.
Maintaining a private lifestyle, Bettencourt Meyers avoids the extravagant social life favored by many of the world's affluent. Her interests include writing and she has authored two book including a comprehensive five-volume exploration of the Bible and a genealogy of the Greek gods. Additionally, she is recognized for her daily hours spent playing the piano.
Bettencourt Meyers also serves as the chairperson of her family's holding firm, Tethys, which holds the significant stake in L'Oreal. Her husband, Jean-Pierre Meyers, holds the position of chief executive of the holding company. Together, in 2016, they established a subsidiary called Tethys Invest SAS, specifically targeting investments in sectors that do not overlap or compete with the primary operations of their company.
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