L’Oreal shares performed poorly on Friday, causing a significant decrease in the net worth of Francoise Bettencourt Meyers, the world’s wealthiest woman. The French beauty company is partially owned by the billionaire and 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 the 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 the firm’s quarterly sales to fall short of analyst estimates. The drop was nearly 8% to a three-month low on Friday, resulting in a significant reduction in market capitalization.
Friday marked the single worst day for Paris-listed shares of L’Oreal since October 27, 2008, according to FactSet data. 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. The company owns subsidiaries such as Kiehl’s, Maybelline, and Garnier and has seen an overall decline of 9% year-to-date.