Francoise Bettencourt Meyers' Net Worth Surges to $92.1 Billion Thanks to L'Oreal Paris Success
Francoise Bettencourt Meyers, the world's wealthiest woman, has witnessed a substantial increase in her net worth, surging from $80.5 billion at the beginning of the year to an impressive $92.1 billion. Forbes data attributes this $11.6 billion surge to the exceptional performance of her global beauty brand, L'Oreal Paris.
L'Oreal's stock price has experienced a year-to-date increase of 27.08%, with a remarkable 11% rise in recent months. This positive financial performance is underpinned by a robust upswing in third-quarter sales, fueled by growth in Europe and a surge in the United States.
Despite an anticipated rebound in China falling short, with a 4.8% dip in sales in North Asia, L'Oreal remains a significant player in China's $78.9 billion beauty and personal care market. Challenges such as heightened Chinese government control over resellers impacted the travel retail business, particularly in Hainan and South Korea.
In mainland China, L'Oreal reported a 7.7% sales growth over the initial nine months, maintaining market share amid a "broadly stable" beauty market and a "muted recovery." Despite challenges like high youth unemployment and a property crisis in China, L'Oreal remains ambitious for the country, with plans to expand labels like Lancome into lower-tier cities in the coming year.
L'Oreal, holding a substantial share in China's beauty and personal care market, continues to gain market share. Its luxury division leads the high-end cosmetics sector with renowned brands such as Yves Saint Laurent, Valentino, and Prada.
In Europe and North America, L'Oreal exceeded expectations for the third quarter, with growth rates of 16.2% and 11.8%, respectively, indicating an acceleration in North America. Despite inflation affecting household spending in Europe, L'Oreal reported no discernible shift to lower-priced products or reduced purchasing.
Globally, L'Oreal's luxury division, its largest, experienced a slower growth rate of 3.2%, aligning with a trend of consumers scaling back on high-end purchases. This trend resonates with the recent slowdown in perfumes and cosmetics reported by luxury benchmark LVMH.
Francoise Bettencourt Meyers, granddaughter of L'Oreal's founder, and her family own approximately 33% of L'Oreal's stock. Since 1997, she has served on L'Oreal's board and holds the position of chairwoman within the family holding company. Her ascent as France's primary L'Oreal heiress occurred in 2017, succeeding her mother Liliane Bettencourt, who held the title of the world's wealthiest woman until her passing at the age of 94.
Beyond her corporate roles, Bettencourt Meyers also serves as the president of her family's philanthropic foundation, dedicated to advancing French achievements in the sciences and arts.
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