On Friday, Francoise Bettencourt Meyers, the world’s wealthiest woman, experienced a significant decrease in her net worth due to the poor performance of L’Oreal shares. The French beauty company, which is partially owned by 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 this drop, she remains the 15th-richest person on the planet and the richest woman. Her fortune is significantly larger than that of Walmart heiress Alice Walton, who is the second-richest woman.
The decline in L’Oreal’s stock was caused by a slowdown in its Asia business, leading to a shortfall in analyst estimates for quarterly sales. On Friday, L’Oreal shares dropped nearly 8% to a three-month low. This was the single worst day for Paris-listed shares of L’Oreal since October 27, 2008, according to FactSet data.
Bettencourt Meyers owes much of her wealth to her family’s stake in L’Oreal, where she serves as vice chairwoman of the board. The company owns subsidiaries such as Kiehl’s, Maybelline and Garnier and its stock has seen an 9% decline year-to-date resulting in a $25 billion reduction in market capitalization.