On Friday, Francoise Bettencourt Meyers, the world’s wealthiest woman, saw a significant decrease in her net worth due to the poor performance of L’Oreal shares. The French beauty company is partially owned by her family and it 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 this 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.
The decline in L’Oreal’s stock was sparked by a slowdown in the company’s Asia business, causing its quarterly sales to fall short of analyst estimates. This led to L’Oreal Paris-listed shares dropping nearly 8% to a three-month low on Friday.
According to FactSet data, this marked the single worst day for Paris-listed shares of L’Oreal since October 27, 2008. Bettencourt Meyers owes a significant portion 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 has seen an overall 9% decline year-to-date resulting in a $25 billion reduction in market capitalization