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Francoise Bettencourt Meyers, World Richest Woman, Loses $13 Billion
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By Kayode Sanni-Arewa
Francoise Bettencourt Meyers, World’s Richest Woman, Loses $13 Billion in 2024. Françoise Bettencourt Meyers, the world’s wealthiest woman and heiress to the L’Oréal fortune, has faced a significant financial setback in 2024, losing $13.1 billion of her net worth over the first seven months of the year. This decline, which brings her fortune down to $86 billion from nearly $100 billion at the start of the year, reflects broader challenges within the luxury beauty and fashion sectors.
The Bloomberg Billionaire Index reports that Bettencourt Meyers’ wealth reduction mirrors the difficulties faced by other luxury industry titans, such as Bernard Arnault, the head of Louis Vuitton Moët Hennessy (LVMH). Read Also : EFCC Detains NAHCON Chairman, Secretary Over N90 Billion Hajj Subsidy Scam The downturn in Bettencourt Meyers’ fortune is closely tied to her substantial stake in L’Oréal, the global cosmetics giant, which has been adversely impacted by a slowdown in the Chinese market. As a result, L’Oréal shares have fallen by 14.25% year-to-date, stoking investor concerns over the company’s growth prospects in key markets.
L’Oréal’s Response to Market Challenges In response to the challenges facing the luxury market, L’Oréal has been actively working to diversify its portfolio. One significant move is the planned acquisition of a 10% stake in the Swiss skincare company Galderma, valued at $1.85 billion. This strategic investment, which involves purchasing shares from Sunshine SwissCo AG—a consortium that includes Swedish private equity firm EQT, the Abu Dhabi Investment Authority, and Auba Investment Pte. Ltd.—is part of L’Oréal’s broader effort to strengthen its position in the global skincare market and reduce its reliance on more volatile luxury segments.
Additionally, L’Oréal has continued to invest in its workforce through the expansion of its Employee Share Ownership Plan, launched in 2018. This plan, now available in 63 countries, allows employees to purchase L’Oréal shares at a 20% discount. Over 37,000 employees have participated in the initiative, which aims to align their interests with the company’s long-term growth and values. Nicolas Hieronimus, Chief Executive Officer of L’Oréal Groupe, emphasized that this plan reflects the company’s commitment to fostering a sense of shared ownership and responsibility among its employees
About Francoise Bettencourt Meyers Françoise Bettencourt Meyers controls approximately one-third of L’Oréal, the world’s largest cosmetics company. She became chairwoman of the holding company that manages the family’s stake following the death of her mother, Liliane Bettencourt, in 2017. Under her leadership, L’Oréal has continued to thrive, generating €41.2 billion ($44.5 billion) in revenue in 2023. The Bettencourt family has received more than €10 billion ($11.2 billion) in dividends from L’Oréal over the years, according to analyses of company filings and market data.
The Accord Party has defeated the All Progressives Congress (APC) at the polling unit of former Osun Deputy Governor and ex-APC National Secretary, Senator Iyiola Omisore, in the ongoing Osun State governorship election.
According to results uploaded to the Independent National Electoral Commission (INEC) Result Viewing Portal (IReV), Accord secured 131 votes at Polling Unit 003, Ife Ward 1 (Moore), St. Gabriel Primary School, in Ife East Local Government Area.
The APC polled 85 votes to finish second, while the African Democratic Congress (ADC) recorded 10 votes. Other political parties obtained marginal votes at the polling unit.
The result adds to a series of early victories recorded by the Accord Party as INEC continues the uploading and collation of results across the state.
Earlier, Accord also won at the polling unit of former Osun Governor, Prince Olagunsoye Oyinlola, in Okuku, Odo-Otin Local Government Area.
The result sheet uploaded on the IReV portal showed Accord polling 125 votes, ahead of the APC, which recorded 85 votes. The ADC secured five votes.
Meanwhile, INEC has continued to upload results from polling units across Osun State as the governorship election moves into the collation stage.
Voters across the state’s 30 local government areas cast their ballots on Saturday to elect a governor for the next four years.
The major contenders in the election include the incumbent Governor Ademola Adeleke of the Accord Party, APC candidate Bola Oyebamiji, and African Democratic Congress (ADC) candidate Najeem Salaam.
The Accord Party has won the governorship election at the polling unit of former Osun State Governor, Prince Olagunsoye Oyinlola, in Okuku, Odo-Otin Local Government Area of the state.
According to the result sheet uploaded to the Independent National Electoral Commission’s (INEC) IReV portal, Accord polled 125 votes to emerge victorious at the polling unit.
The All Progressives Congress (APC) came second with 85 votes, while the African Democratic Congress (ADC) secured five votes.
The African Action Congress (AAC) scored two votes, while the Social Democratic Party (SDP), Young Progressive Party (YPP) and Zenith Labour Party (ZLP) each recorded one vote.
Other parties, including the AA, ADP, APGA, APM, APP, BP, NNPP and PRP, recorded no votes.
The result sheet showed that 228 voters were accredited, with 220 valid votes cast and eight rejected ballots.
The election was conducted at Court Hall I, Okuku, in Odo-Otin Local Government Area.
The result comes against the backdrop of Oyinlola’s reported endorsement of the APC governorship candidate, Bola Oyebamiji, ahead of the election.
Oyinlola, who governed Osun State from 2003 to 2010, had publicly backed Oyebamiji despite the APC candidate running against incumbent Governor Ademola Adeleke.
The outcome at Oyinlola’s polling unit therefore puts the Accord Party ahead of the APC, with Adeleke’s party failing to secure the unit despite the incumbent governor’s participation in the election.
Voting was disrupted in Ejigbo, Osun State, after violence broke out at a polling unit during the ongoing Osun State Governorship election.
It was gathered that voters, residents and officials of the Independent National Electoral Commission (INEC) fled the polling unit as tension escalated around the area.
According to Channels TV, people were seen running in different directions while motorcycles and vehicles moved through the area as residents attempted to escape the unfolding situation.
The immediate cause of the violence was not clear, as the chaos temporarily halted the ongoing electoral process.
The incident comes as voters come out in their numbers to partake in governorship election amid tight security.
Osun Election: Accord Defeats APC in Omisore’s Polling Unit
Osun election: Oyinlola Loses Polling Unit to Accord Party
Osun election: INEC officials take to their heels as violence erupts in Ejigbo
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