On Friday, the net worth of Francoise Bettencourt Meyers, the world’s wealthiest woman, saw a significant decrease due to the poor performance of L’Oreal shares. The French beauty company, partially owned by the billionaire and her family, registered its worst single-day performance since the Great Recession.
Bettencourt Meyers and her family’s fortune fell by $6.9 billion to $91.7 billion on Friday, making her the biggest loser among billionaires that day. Despite the drop, she remains the 15th-richest person on the planet and the richest woman, with a significantly larger fortune than the second-richest woman, Walmart heiress Alice Walton.
Friday marked the single worst day for Paris-listed shares of L’Oreal since October 27, 2008, according to FactSet data. The decline in L’Oreal’s stock was sparked by a slowdown in the company’s Asia business, causing the firm’s quarterly sales to fall short of analyst estimates.
L’Oreal is Europe’s sixth-most valuable company by market capitalization and owns subsidiaries such as Kiehl’s, Maybelline, and Garnier. The company’s stock has seen a 9% decline year-to-date, resulting in a $25 billion reduction in market capitalization. Despite this setback, Bettencourt Meyers remains committed to her role as vice chairwoman of L’Oreal’s board and continues to support her family’s stake in the company.