World’s richest woman dies at 94

Billionaire L’Oreal heiress Liliane Bettencourt, whose family founded L’Oreal over a century ago, as the maker of hair dye and still owns largest stake in the cosmetics giant, has died aged 94. French businesswoman, listed in Forbes as the World’s richest woman, and L’Oreal, France’s fourth largest listed company.

Bettencourt and her family owned 33 per cent of the company and her daughter Fancoise Bettencourt-Meyers, who sits on L’Oreal board along with her own son, said the family remained committed to the company and its management team.

In 2011, Agon was appointed chairman and chief executive of L’Oreal, owner of the Lancome and Maybelline beauty and make-up brands and Garnier shampoos.

Nestle which owns 23 per cent of L’Oreal had agreed with the founding family that the two parties could not increase their stake during Liliane Bettencourt’s lifetime and for at least six months after her death.

Her net worth was estimated £29.10 billion ( $39.5 billion) earlier this year by Forbes.