Francoise Bettencourt Meyers, the septuagenarian French billionaire and proprietor of L’Oreal, the renowned global cosmetics powerhouse, has recently encountered a decline in her total wealth.
Based on data recorded on Bloomberg’s billionaire index, Meyers’ fortune has suffered a substantial setback, plummeting by an astonishing $1.2 billion, resulting in her total net worth now standing at $92.2 billion.
This represents a significant downturn from her previous net worth of $93.5 billion, which she had before the market value declined. The main contributing factor to this financial setback has been the decrease in L’Oreal’s stock prices. As reported by Nairametrics, just two weeks ago, L’Oreal’s stock was valued at €422, but it has now sharply declined to €407.
As per the information available on L’Oreal’s official website, the current share price stands at 408.35 euros, showing a slight increment. Nevertheless, merely a few days earlier, on Friday, July 14, 2023, the shares were trading at 421 euros, signifying a notable decline in the share price during the review period.
Francois Meyers Background
With an impressive holding of nearly 35%, Francoise Bettencourt Meyers stands as the largest individual shareholder in L’Oreal.
According to Bloomberg’s report, she belongs to a league of French luxury magnates, whose companies have thrived on the increasing demand for high-end makeup, clothing, and jewelry.
Presently, Meyers occupies the 13th position on the list of the globe’s wealthiest individuals, a notable advancement from her 14th ranking in the previous year. As the wealthiest woman worldwide, she maintains her prestigious number one position, diligently overseeing the expansion of the family fortune since succeeding her mother.
In April, it was reported that L’Oreal’s performance exhibited an impressive 13% surge in first-quarter sales, surpassing expectations. This outstanding achievement was attributed to the company’s strong business performance in both the United States and Europe.
Despite the challenges posed by rising prices, L’Oreal managed to achieve sales of 10.38 billion euros ($11.37 billion) in the first three months of the year. Significant sales growth was experienced in Europe and North America, with impressive percentages of 16% and 16.6%, respectively.
Cause of the company’s success
The company credited its success to the robust performance of its consumer products division, which has strategically shifted upmarket, and its dermatological beauty division, notably selling CeraVe skincare products.
In mainland China, luxury sales remained steady with minimal growth due to low inventories, but there was a notable rebound in consumer demand and store traffic from February onward following the end of COVID-19 restrictions.
Despite the setbacks in Meyers’ net worth and L’Oreal’s share prices, the company’s strong performance in various markets signals a potential for recovery. Investors and stakeholders will closely observe how Meyers and the company’s management navigate through these challenging times.
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