Meet man, son of world’s richest woman, he is set to take over Rs 1642000 crore empire as...

Francoise Bettencourt Meyers, heiress to the L’Oreal fortune, has announced her decision to retire from the company’s board later this year. This marks the end of her 28-year tenure at the company her grandfather, Eugène Schueller, founded over a century ago.

The announcement was made alongside L’Oreal’s annual financial results. Following her departure, her son, Jean-Victor Meyers, will take over her role as vice-chairman. Jean-Victor is already a director on the company’s board, along with his brother, Nicolas Meyers.

L’Oreal: A Global Beauty Giant
L’Oreal, founded in France over 110 years ago, has grown into the world’s largest cosmetics company. It owns well-known beauty brands like Garnier, Maybelline, Lancôme, and NYX Cosmetics. In 2021, the company reported an impressive annual revenue of Euro 32.28 billion (approximately USD 35.5 billion).

The Bettencourt-Meyers family still owns about 33% of L’Oreal’s shares, making them one of Europe’s wealthiest families. Françoise Bettencourt Meyers, 68, is the granddaughter of Eugène Schueller and the daughter of the late L’Oreal matriarch, Liliane Bettencourt. Her son, Jean-Victor Meyers, 35, is expected to play a more significant role in the company’s future.

The Family’s Unique History
Jean-Victor Meyers was born into a powerful and wealthy dynasty, but his family’s history is complex. While his great-grandfather, Eugène Schueller, was an influential businessman, he was also linked to far-right and anti-Semitic groups in France during the early 20th century.

Ironically, Jean-Victor’s father, Jean-Pierre Meyers, comes from a Jewish family. His paternal grandfather was a respected rabbi who tragically lost his life in the Auschwitz concentration camp during World War II.

A Family of Billionaires
Françoise Bettencourt Meyers is currently the richest woman in the world. She inherited her wealth after her mother, Liliane Bettencourt, passed away in 2017.

According to Forbes, as of March 2022, Françoise had a net worth of USD 77.2 billion, making her the 12th richest person on the planet. Before her, Liliane Bettencourt was the wealthiest woman in the world, holding immense power over L’Oreal’s fortune.

Jean-Victor Meyers: The Youngest Director at L’Oreal
Jean-Victor Meyers had a close relationship with his grandmother, Liliane. When he was just 25 years old, he took her place as a board member of L’Oreal, becoming the youngest director of a publicly listed company in France. Reports at the time suggested he was earning between USD 66,000 and USD 120,000 per year in this role.

The relationship between his mother, Françoise, and grandmother, Liliane, was strained for many years. In 2011, Françoise took legal action to have her mother placed under guardianship due to her declining mental health. She eventually gained full control over her mother’s wealth.

The Bettencourt Affair: A Major Family Scandal
Before her death, Liliane Bettencourt was at the center of one of France’s biggest financial and political scandals, known as the "Bettencourt Affair."

The controversy began in 2010 when Françoise accused photographer François-Marie Banier, a close friend of her mother, of manipulating Liliane into giving him millions of euros in cash, art, and property. The scandal attracted massive media attention, and allegations surfaced that Liliane had used her wealth to influence French politics—including claims involving then-President Nicolas Sarkozy.

The tense relationship between Françoise and Liliane was well known. According to Vanity Fair, Françoise had always been more focused on reading and playing the piano rather than the glamorous social life her mother enjoyed. The dispute over Liliane’s generous gifts to Banier reportedly created deep resentment between them.

Jean-Victor’s Passion for Fashion
Despite being one of Europe’s richest heirs, Jean-Victor Meyers prefers to keep a low profile. He studied in both France and the United States and has a strong interest in fashion.

He started his career working as a sales intern at Louis Vuitton and later became an assistant product manager at Yves Saint Laurent Beauté. He even launched his own luxury men’s fashion brand, Exemplaire.

As he steps into a larger leadership role at L’Oreal, it remains to be seen how he will shape the future of the beauty giant.