On Friday, the world’s wealthiest woman, Francoise Bettencourt Meyers, saw a significant drop in her net worth. This was due to a sharp decline in the shares of L’Oreal, a French beauty company in which the billionaire and her family own about one-third. The company’s shares experienced their worst single-day performance since the Great Recession, leading to a $6.9 billion reduction in Bettencourt Meyers and her family’s fortune, which now stands at $91.7 billion.
Despite this decline, Bettencourt Meyers remains the 15th-richest person on the planet and the richest woman by far. She is also known for her family’s stake in L’Oreal, as she is the granddaughter of the company’s founder, Eugène Schueller, and the sole daughter of Liliane Bettencourt – who was once considered to be the wealthiest woman in the world.
L’Oreal is one of Europe’s largest companies with market capitalization value of over $200 billion and it has subsidiaries including well-known brands such as Kiehl’s, Maybelline, and Garnier. The decline in L’Oreal’s stock this year has led to a $25 billion drop in market cap for Bettencourt Meyers and her family members who hold significant stakes in L’Oreal.
On Friday, Paris-listed shares of L’Oreal fell nearly 8% to a three-month low after its quarterly sales fell short of analyst estimates and there was a significant slowdown in its Asia business. This caused Bettencourt Meyers and her family members to lose more than $6 billion dollars from their fortune.
It should be noted that despite this setback Bettencourt Meyers is still considered one of the most influential women in business today due to her legacy as an entrepreneur and philanthropist.