I have a strange fascination with the Lilianne Bettencourt case that continues over in France. I guess when you mix the rich and famous with a newsworthy scandal it’s going to generate a lot of interest.
Each week there seems to be a new drama in the family saga that has seen the Bettencourt’s head in and out of court, but with a medical report finding the L’Oréal heiress is suffering from modestly severe” Alzheimer’s and mixed dementia”, there’s little surprise in the latest move by the family.
On Monday, L’Oréal announced that 89-year-old Bettencourt would be stepping down from the company board with her seat being taken by 25-year-old grandson Jean-Victor Meyers. Shareholders will be given a chance to approve the submission at the next annual general meeting.
The submission is likely to be agreed upon, especially with the Bettencourt family continuing to be the largest single shareholder in L’Oréal with a 31 per cent stake.
Despite all the personal drama that has happened to the family, it seems this has not affected the brand at all – with L’Oréal securing an 8.9 per cent increase in net profits for 2011.
It will be interesting to see whether Meyers’ role with the company has an impact on new developments for the brand. Stay tuned…
