Francoise Bettencourt Meyers: The billionaire woman likes to disobey her mother, hates the rich heirs to the L'Oreal empire

To get to this position, her life also went through many ups and downs, one of the big downfalls was the decade-long legal battle for inheritance with her mother's best friend.

Most of us, especially women, are no strangers to the world's largest cosmetics company L'Oreal, which is owned by Francoise's family.

Francoise Bettencourt Meyers, heir to the L 0réal empire in 2019 she owns a fortune of $ 49.3 billion and is the richest female billionaire in the world this year. She also ranked 15th on the ranking of world billionaires.

Eugene Schueller, the founder of LOreal, and her husband invented a new hair dye formula in 1908, called LOreal. This product made them extremely rich. In 1957, their daughter, Liliane Bettencourt, inherited the entire fortune. Liliane Bettencourt's husband - Mr. André - was then a politician in France. The Bettencourt family was famous among the French elite for their lavish lifestyle.

Francoise Bettencourt Meyers is the granddaughter of LOréal founder Eugène Schueller (who first invented hair dye). Apparently, the relationship between Bettencourt Meyers and her mother deteriorated as Meyers entered adolescence. In an interview with the French newspaper, Ms Bettencourt once called Francoise "a cold child".

As an adult, Bettencourt Meyers refused to follow the family business and chose to focus on her literary career. She is the author of a book on the Greek gods and a commentary on the Bible.

Although born into a rich family specializing in cosmetics, Meyers is extremely simple, not interested in makeup or her own outfit. Instead, she spends her time writing books and playing the piano for a few hours a day.

Become the richest heiress in the world

Is that the irony of creation? In September 2017, Franoir Bettencourt-Meyers inherited the huge fortune of LOreal after the death of Liliane. According to estimates by Business Insider, at the time of her inheritance, Bettencourt-Meyers surpassed Walmart Alice Walton to become the richest woman in the world. Her net worth at the time was $42.3 billion.

The Bettencourt family has a 33% stake in the company, valued at $107.5 billion as of May 2017. The company's 2016 revenue was 25.8 billion euros ($27 billion). As the only daughter of the Bettencourt family, under French law, Mrs. Bettencourt-Meyers would be the heir and must receive at least half of the estate left by her mother.

As of 2011, she owns a vintage-style villa in the Paris suburb of Neuilly-sur-Seine, a villa off Brittany and a secluded island in the Seychelles. According to WealthX, she is also the chair of the Bettencourt Schueller Foundation, which was worth about $683 million in 2010.

In 2018, Ms. Bettencourt Meyers' fortune increased by $7.1 billion, or 17%, thanks to a sales boom from Loreal-managed cosmetics lines such as Lancome, Maybelline, Loreal Paris, The Body. Shop, Urban Decay, YSL Beauty,...

Meyers and his family currently own a 33% stake in Loreal. Forbes estimates that about 90% of Bettencourt Meyers' fortune comes from LOréal stock.

In 2018, the cosmetics empire's revenue posted its strongest growth in more than a decade, reaching $30.6 billion. Particularly in the Asia - Pacific region, revenue increased by 20%, mainly thanks to the Chinese market. The region has also surpassed North America in terms of sales.

Bettencourt Meyers lives in Paris (France) and is the President of the family charity - Bettencourt Schueller Foundation. The foundation is dedicated to raising money for scientific and artistic innovation and supporting projects in the life sciences, social progress and traditional French crafts. In addition, the fund also supports research projects on neurons, helps families with children with autism and invests in choirs in France.

Bettencourt Meyers leads a rather simple and secretive life. She often plays the piano for several hours a day and is the author of one book on the Greek gods and another with biblical commentary.

Although she was born into a rich family specializing in cosmetics, she did not care much about makeup or clothes for herself. She also rarely accepts interviews of world famous fashion and beauty magazines.

In the book "The Bettencourt Affair" (roughly translated: The Bettencourt story) author Tom Sancton revealed that: "She really lived in her own cocoon and often socialized mainly within the family". This author also adds that, from a young age, Bettencourt Meyers has always felt uncomfortable in the world of the rich, nor does she like to buy or use luxury items.

In terms of business, the billionaire heiress has shown less interest in LOreal's affairs than her late mother, even though she has been a member of the board for more than two decades.

While Liliane Bettencourt considers L'Oreal her lifeline, devoting her life to the company and often spending her time reading a mountain of documents, Ms. Meyers does not. Even at the company's board meetings, Meyers "showed up but didn't interfere," Sancton wrote.

Although 2019 is the first year that Bettencourt Meyers officially holds the title of richest woman in the world, the name Bettencourt is not unfamiliar in Forbes' billionaires list. For the past 10 years, this position has always belonged to the Bettencourt or Walton family. In fact, Bettencourt Meyers first surpassed Alice Walton, last year's richest woman, in early March 2018, just days after Forbes completed its annual billionaire list.

Despite being raised in a strict Catholic family, Bettencourt Meyers married the grandson of a rabbi in the notorious Nazi concentration camp Aushwitz. What's even more remarkable is that the founder of LOreal, Eugène Schueller, was pro-Nazi. This marriage was met with fierce opposition from the family. But this was not the only conflict within the Bettencourt family.

Bettencourt Meyers is most famous for her lawsuit against her mother after Liliane gave millions of dollars in cash, valuables and insurance money to her close friend, photographer Franois-Marie Banier. Bettencourt Meyers accused Banier of taking advantage of his mother's amnesia for personal gain. As the case unfolded, Liliane referred to her daughter as "une emmerdeuse" (understood as troublemaker).

The investigation has divided the Bettencourt's mother-daughter relationship. The two men only mended their relationship after the lawsuit against Banier was dropped in 2010. However, in October 2011, a judge declared Liliane incompetent to manage the family's estate, awarding control back to mother and daughter Bettencourt Meyers . Since then, Ms. Liliane has also been under the guardianship of these two.

Bettencourt Meyers' reclusive lifestyle will be difficult to maintain once she becomes the head of Europe's fourth-largest fortune. After her mother died, Mrs. Bettencourt Meyers officially stepped onto the stage to steer the ship LOreal. But then, she ceded her position on the board of LOreal to her son Jean-Victor when he was only 20 years old. The New York Times called Jean-Victor the company's little prince, a man in need of protection, still quite immature and shy in front of crowds, with little market experience.

How powerful is the "Empire" of LOréal?

LOréal is one of seven corporations that dominate almost the entire beauty industry in the world.

The company's history begins with the invention of the first artificial hair dye by Mr. Eugene Schueller in 1907. A year later he started the business when he founded the French hair dye company which was later changed. name changed to LOreal.

In 1960, the company bought Lancome & Garnier, then launched the perfume Guy Laroche.

Currently, along with Unilever, Coty, Procter & Gamble, Shiseido, Johnson & Johnson and Estée Lauder, LOréal is considered one of the seven largest corporations that dominate the entire world beauty industry.

2016 revenue of LOréal was 29.84 billion USD, profit reached 5.4 billion USD. LOréal is currently the 4th largest French listed company.

In 2018, LOréal's revenue increased the most in more than a decade, reaching 30.6 billion USD, of which, the data in the Asia-Pacific region alone grew by 20%.

At this time, LOréal acquired the famous cosmetics company 3CE from Korea of founder Kim So Hee. In 2019, this cosmetic company stormed the Chinese and Japanese markets with a huge revenue increase of nearly 80% compared to 2018.

In 2020, LOréal continues to successfully acquire 170-year-old American skin care brand - Thayers Natural Remedies.

Despite being affected by the Covid-19 pandemic, the group's sales fell 6.3%, but LOréal still recorded a net income of $4.4 billion in 2020.

According to the financial report published on April 15, the revenue of LOreal cosmetics group in the first quarter of 2021 reached $ 9.1 billion, higher than the revenue of $ 5.79 billion in the first quarter of 2019 and up. 5.4% over the same period in 2020.

The recovery in the first quarter of 2021 is continuing thanks to the Asian market, especially China, as well as the vibrant online shopping activity.

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