Liliane BETTENCOURT

Primary Position Shareholder Age 93
Primary Company L'Oreal Group Birthday 21 Oct 1922
Estimated Net Worth At least $32.3 billion Residences Paris, Ile-de-France, France
Source Inheritance/Self-made
Hometown
Paris, Ile-de-France, France
Religion Unknown
Ethnicity Caucasian
Alternative Names Liliane Henriette Charlotte Schueller
Marital Status Widowed

Biography

Bettencourt's late father Eugene Schueller discovered a hair-color formula which he named "Oreale" in 1907. He later began manufacturing his own products and sold them to Parisian hairdressers. In 1909, he registered his company, "Societe Francaise de Teintures Inoffensives pour Cheveux", presently the L'Oreal Group. French native, heiress, socialite, businesswoman and philanthropist Liliane Bettencourt was born in 1922. Joined her father's business at the age of 15; initially was an Apprentice of Mixing Cosmetics and Labeling Bottles of Shampoo. Married French politician Andre Bettencourt in 1950, a then Cabinet Minister of the French Government in the 1960s and the 1970s, and served as a Deputy Chairman of the L'Oreal Group. In 1957, Bettencourt herself inherited the L'Oreal wealth when her father passed away and became principal stakeholder of the L'Oreal. The firm went public in 1963 and she continued to remain the majority shareholder. In 1974, she swapped a certain stake of her L'Oreal holding for an undisclosed stake in Nestle. Nestle is currently the second largest shareholder of the company. In 1987, she co-founded the Bettencourt Schueller Foundation with her husband and her daughter Francoise Bettencourt-Meyers. The foundation primarily supports healthcare, cultural and humanitarian causes. In 2007, her husband passed away. In 2011, Bettencourt was placed under the guardianship of her only daughter, Francoise, and her grandchildren, after a medical evaluation indicated she is a victim of dementia. Bettencourt reportedly expressed her will to challenge the judgement. In 2012, Bettencourt resigned from the Board of Directors at L'Oreal and her grandson Jean-Victor Meyers, took her seat. Daughter, Francoise, and son-in-law, Jean-Pierre Meyers, also serve on the company's Board, while Bettencourt continues to remain as a principal shareholder of the L'Oreal Group. Bettencourt currently resides in Paris, France.

Education History

Institution Name Qualification Name Education Type Start Date End Date

Interesting Facts

Bettencourt was reportedly ordered to pay $133 million in unpaid taxes by French authorities after undeclared accounts in Singapore and Switzerland and her ownership of private island, D'Arros in the Seychelles came to light during a large tax evasion scandal. Amidst the scandal, Bettencourt allegedly sold her private island, which she had bought for about $18 million in 1998, to a Geneva-based organization, Save Our Seas Foundation for $60 million.
Appears to have been involved in a 2010 political scandal concerning former French President Nicolas Sarkozy and former Minister of Labour, Solidarity and Civil Service Eric Woerth. Bettencourt's former accountant reportedly claimed Sarkozy and Woerth received cash-filled envelopes during their frequent visits to Bettencourt's mansion prior to their presidential elections in 2007, as well as between 1983 and 2002, when Sarkozy was Mayor of Neuilly-sur-Seine. The alleged total surpassed the $10,000 limit for political parties. Bettencourt's former accountant later retracted her statement regarding Sarkozy's illegal cash from 1983 to 2002, but she stated that she was under police's pressure. Both Sarkozy and Woerth denied the wrongdoings. The police also raided the home and office of financial management and investment firm Clymene's Patrice de Maistre, who managed Bettencourt's wealth.
In July 2014, the L'Oreal Group finalized the buyback of an 8% stake in Vevey, Switzerland-based food product manufacturer Nestle. The L'Oreal Group also announced the disposal of a 50% stake in Galderma, a Switzerland-based joint venture pharmaceutical company between Nestle and L'Oreal, to Nestle and also reduced the number of Nestle representatives on its Board from three to two Directors.
In 2012, Bettencourt sold her private Seychelles island to the Save Our Seas Foundation for $60 million. The organization intends to turn the land into a nature reserve.
Bettencourt's daughter Francoise Bettencourt-Meyers sued celebrity photographer Francois-Marie Banier, who was friends with Bettencourt, in December 2007 for allegedly exploiting her mother's weakness and taking gifts from her including cash and artworks worth $1.2 billion. Bettencourt was declared unfit to manage her own affairs in 2011 after a medical report showed she suffered from "mixed dementia" and "moderately severe" Alzheimer's disease since 2006. In June 2010, Bettencourt was reportedly involved in a political scandal after tape recordings were leaked by her ex-butler, Pascal Bonnefoy, who recorded conversations between Bettencourt and her financial advisor Patrice de Maistre, which suggested Bettencourt may have evaded taxes by keeping substantial amounts of cash in undeclared Swiss bank accounts. The tapes also allegedly captured a conversation between Bettencourt and then Labour Minister Eric Woerth, who was soliciting a job for his wife managing Bettencourt's wealth. Woerth had consequently approved a $39 million tax rebate for Bettencourt, even though the government had not examined her finances for more than 10 years. In 2013, a corruption trial of 10 people began for accusing and trying to defraud Bettencourt. The allegations took a wider turn when Bettencourt's former accountant, Claire Thibout, alleged conservative French politicians, including Woerth and Nicolas Sarkozy, were frequently given cash-filled envelopes at Bettencourt's mansion. In 2007, Sarkozy, who was running a presidential election campaign, had received donations from Bettencourt in return for her tax breaks. However, the charges against Sarkozy were dropped due to lack of evidence in October 2013. In January 2015, one of the defendants, Bettencourt's nurse Alain Thurin, who forced Bettencourt to designate him as the beneficiary of $11.4 million in the event of her death, had tried to hang himself in Paris, France. In May, eight people, including Banier, de Maistre and his successor Pascal Wilhelm, were convicted of exploiting Bettencourt. Banier was sentenced to six years in prison and was ordered to pay a fine of $380,000 and more than $150 million in damages. de Maistre and Wilhelm were sentenced to 30 months in prison and fines of more than $270,000. In October 2015, Thurin was found not guilty of manipulating her into giving him the money. He also told the court that he had grown close to Bettencourt and never wanted her money and the $11.4 million endowment to Thurin was removed from her will.

Interests, Passion, Hobbies

Hobby Name Description
Art Reportedly owns artworks by renowned artists including Chirico, Fernand Leger, Picasso, Girodet, Matisse, Munch, Juan Miro and Braque.
Philanthropy Co-founded the Bettencourt Schueller Foundation with her husband and daughter.
Fashion Served as an Apprentice of Mixing Cosmetics and Labeling Bottles of Shampoo at the L'Oreal Group.

Philanthropy

Giving Profile
Founded the Bettencourt Schueller Foundation with her late husband, Andre Bettencourt and daughter, Francoise Bettencourt-Meyers in 1987. The foundation devotes approximately 55% of its funds to scientific education and research, 33% to humanitarian and social projects and 12% to culture and arts. In 2011, Bettencourt reportedly donated $14 million to the Institut de France.

Clubs & Boards

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Known Associates

Total known associates: 21. Total known associates net worth: $4.8 billion. To view details, sign up for Wealth-X Professional or Contact Us.

Family Details

Political Interests

Party Affiliation Unknown Political Profile Does not appear to publicly support any political party or philosophy.