L'Oréal heiress' fortune eclipses $100B
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Dec. 29 (UPI) -- The heiress to French cosmetics giant L'Oréal is now the first woman in the world to accumulate a more than $100 billion fortune.
Françoise Bettencourt Meyers attained the feat, placing her 12th on the list of the world's richest people Friday, according to the Bloomberg Billionaires Index.
L'Oréal stock climbed sharply to start the trading day but was down 0.23% to $497.70 (EU 450.20) by market close.
Headquartered in the Paris suburb of Clichy, L'Oréal is the world's largest cosmetics company based on sales.
The company was founded in July 1909 by French chemist Eugène Schueller, and initially served as a vehicle for him to produce and sell his hair dye.
Schueller is the grandfather of Bettencourt Myers, 70, who serves as the company's vice chair.
Former CEO Jean-Paul Agon chairs the company's board of directors, after vacating the chief executive role in 2021.
Bettencourt Meyers and her family are the largest shareholders of the publicly traded company, retaining a near 35% stake in L'Oréal.
The company's stock has risen more than 33% over the calendar year, as consumers return to buying makeup following the COVID-19 pandemic and propelling Bettencourt Meyers above the $100 billion plateau.
