Francoise Bettencourt Meyers, heiress to the L’Oréal fortune and the world’s wealthiest woman at the close of 2023, has experienced a sharp reversal in 2024.
Her fortune has plummeted by $26 billion to $74 billion, making her the second-largest wealth loser this year, trailing only Bernard Arnault, the French magnate behind luxury giant LVMH.
The 71-year-old vice-chair of L’Oréal’s board has seen her wealth eroded by the cosmetics company’s struggles.
Shares of L’Oréal have tumbled 25% this year, driven by disappointing demand in China, a key market for the beauty sector.
The downturn reflects broader challenges in the luxury and beauty industries, which have faced sluggish post-pandemic recovery and cautious consumer spending, Fortune first reported.
Despite the setbacks, Bettencourt Meyers remains an active force in French business through Téthys Invest, her family’s private investment arm. Owned by Téthys, L’Oréal’s largest shareholder, the firm’s operations are partly funded by dividends from the cosmetics empire.
What you should know
As chair of Téthys, Bettencourt Meyers oversees investments spanning industries from pet care to education, with stakes in companies like Septeo SAS (a French software firm), fashion retailer Sezane, and education provider Galileo Global Education.
- Téthys has intensified its activities this year, increasing its portfolio by 26% and expanding into at least 10 ventures. The entity, managed with the involvement of Bettencourt Meyers’ husband Jean-Pierre Meyers, and their sons Jean-Victor and Nicolas, demonstrates the family’s long-term commitment to diversifying its wealth beyond L’Oréal.
- Bettencourt Meyers inherited her L’Oréal stake from her mother, Liliane Bettencourt, following her passing in 2017.
- As the company’s largest individual shareholder, with a 35% stake, she plays a critical role in its direction. L’Oréal, founded in 1909 by her grandfather, has grown into a global leader in beauty, boasting a market capitalization of nearly €180 billion and brands such as Maybelline, Garnier, and Lancôme.
- However, the Paris-based cosmetics giant has faced headwinds in 2024, with slower-than-expected demand in key markets and economic uncertainty weighing on its performance. These challenges have dampened investor sentiment, further pressuring Bettencourt Meyers’ net worth.
Bettencourt Meyers’ decline in fortune has also shifted the ranks of the world’s wealthiest women. She was overtaken in August by Alice Walton, the Walmart heiress, whose wealth has remained more resilient. While Bettencourt Meyers remains a towering figure in French business, her $74 billion fortune is significantly overshadowed by Arnault’s $168 billion, despite his own $40 billion loss this year amid a luxury sector downturn.
The heiress’ position reflects the broader volatility facing the world’s wealthiest individuals in a challenging global economic landscape.