International Desk :
L’Oréal heiress Françoise Bettencourt Meyers of France has been named the world’s richest woman by Forbes for the second time in a row.
Worth an estimated $74.8 billion, the 68-year-old French citizen is an estimated $1.2 billion richer than a year ago, making her the 14th richest person in the world, reports Forbes.
Bettencourt Meyers is the vice chair of the board of L’Oréal, the world’s largest cosmetics and beauty company, which her chemist grandfather Eugène Paul Louis Schueller founded in 1909.
She first appeared on Forbes’ list of the World’s Billionaires in 2018, after her mother – Liliane Bettencourt who was then the planet’s richest woman – died in 2017 at the age of 94.
In 2007, Bettencourt Meyers famously sued François-Marie Banier, a close friend of her mother’s, for allegedly siphoning more than $1 billion worth of gifts from the elderly woman. Banier was later sentenced to three years in jail and was ordered to reportedly pay back $16.5 million to Bettencourt and her family.
She has been a member of the company’s board since 1997 and she along with her family own about 33% of L’Oréal’s stock.
As the world’s largest beauty manufacturer, L’Oréal owns more than 35 cosmetic, skincare and personal-care brands. Its lead portfolio companies include Maybelline, Garnier and NYX.
Far from a stodgy conglomerate, the 100-year-old company has continued to stay fresh-faced via technology and acquisitions.
It recently launched a headset to help people make precise fragrance choices. However, more important than its tech incubator, L’Oréal continues to acquire indie brands and form strategic alliances to stay on top of trends.
