On Friday, the net worth of Francoise Bettencourt Meyers, the world’s wealthiest woman, took a significant hit due to the poor performance of L’Oreal shares. The French beauty company, in which Bettencourt Meyers and her family have a substantial stake, registered its worst single-day performance since the Great Recession.
The decline in L’Oreal’s stock price, which dropped nearly 8% to a three-month low, was caused by a slowdown in the company’s Asia business, causing its quarterly sales to fall short of analyst estimates. Despite this setback, Bettencourt Meyers 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.
Bettencourt Meyers owes much of her wealth to her family’s stake in L’Oreal, where she serves as vice chairwoman of the board. 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.