Francoise Bettencourt Meyers, the 70-year-old French billionaire and owner of L’Oreal, the world’s largest cosmetics firm, has seen her net worth fall recently.Meyers’ fortune has been drained by a whopping $1.2 billion, according to data recorded on Bloomberg’s billionaire index, bringing her total net worth to $92.2 billion.
This is a significant decrease from her former net worth of $93.5 billion, which she possessed before to the market value price drop.
The drop in L’Oreal stock prices has played a significant part in this financial catastrophe. L’Oreal’s stock was valued at €422 two weeks ago, according to Nairametrics, but it has since plunged to €407.
L’Oreal’s current share price is 408.35 euros, suggesting a fractional increase, according to the French company’s website. However, on Friday, July 14, 2023, the shares were trading for 421 euros. This represents a significant reduction in the share price over the review period.
Francois Meyers background
Francoise Bettencourt Meyers is L’Oreal’s largest individual shareholder, with a nearly 35% stake.
According to Bloomberg, she is one of a group of French luxury titans whose businesses have thrived thanks to increasing demand for high-end beauty, apparel, and jewelry.Meyers is presently ranked 13th on the list of the world’s wealthiest people, up from 14th the previous year.
She maintains her position as the world’s richest woman, having overseen the expansion of the family fortune since taking over from her mother.
Regarding L’Oreal’s performance, it was announced in April that the company exceeded forecasts with a 13% increase in first-quarter sales, owing to strong business in the United States and Europe.
Despite the problems caused by growing pricing, L’Oreal’s revenues in the first three months of the year totaled 10.38 billion euros ($11.37 billion).
Sales in Europe and North America increased by 16% and 16.6%, respectively.
This success was ascribed to the company’s consumer products segment, which has been going upscale, and its dermatological beauty division, which sells CeraVe skincare.
Luxury sales in mainland China were stagnant due to limited stocks, while consumer demand and store traffic returned in February following the conclusion of COVID-19 restraints.
Despite setbacks in Meyers’ net worth and L’Oreal’s share prices, the company’s good performance in several markets suggests a possibility of comeback.
Investors and stakeholders will closely monitor how Meyers and the company’s management navigate through these challenging times.