The billionaire owner of Kering has seen his position in the Sunday Times Rich List plummet in 2024.
The luxury fashion house’s founder François-Henri Pinault and his wife Salma Hayek, an actress and film producer, saw their net worth drop by £1.9bn to £6.1bn.
Kering created a dedicated beauty division in 2023 to boost its existing portfolio and overall presence in the cosmetics category.
Raffaella Cornaggia, a beauty veteran from Estée Lauder, was named as CEO of Kering Beauté’ at the time.
Sir James Dyson and family also experienced a significant decline in net worth, dropping by £2.2bn to £20.8bn.
His company, best known for its vacuum cleaners, sells a popular range of hair dryers and styling tools.
The largest shareholder in the British internet fashion and cosmetics retailer ASOS, Anders Holch Povlsen, has lost his position as 17th richest person in the world.
Povlsen, who is an investor in German internet clothing retailer Zalando, had a net worth of £6.73bn - a £1.7bn drop compared with 2023.
The former chair and CEO of L'Oréal, Lindsay Owen-Jones, also slipped down the list this year.
Owen-Jones, who remains an Honorary President for the French luxury giant, saw his net worth fall by £30m to £452m - placing him 302nd on the list.
The Mohamed Al Fayed family, which formerly owned the luxury department store Harrods, experienced a £199m decline in value.
Mark Fenwick and family’s department store chain Fenwick, meanwhile, fared better on the list, seeing a £26m rise in value this year.
Primark-owner the Weston family’s fortune decreased by £7bn to £14.4bn, while the Mahmud Kamani and family, owners of Boohoo, saw a decline of £30m.
The rich list risers
Harry Styles, who founded his beauty brand Pleasing in 2021
THG founder Matthew Moulding has bucked this downward trend, however, with his net worth rising by £40m to £670m.
It comes after Moulding’s Manchester-based business, which owns Lookfantastic, Cult Beauty and Biossance, reported a strong start to the 2024 financial year.
Revenues rose 4.5% to £455.4m, driven by a "standout performance" from its beauty division which saw sales increase by 11.1% to £267.6m.
The net worth of the Christoph Henkel family, owners of German consumer goods company Henkel, increased by £83m to £1.25bn.
Victoria Beckham, founder of her eponymous beauty brand, jumped to 297 on the list, a £30m increase on the previous year.
Yardley and Harmony Hairspray-owners, The Jatania brothers, and Sir Philip Green, the controversial former owner of the BHS department store chain, saw no change in their net worth from the previous year.
Lord Anthony Bamford, successor to construction equipment firm JCB, and his wife Carole Bamford, founder of body care and clothing brand Bamford, have shot up on the list.
The Bamford family’s fortune stood at £7.65bn, a £1.75bn increase on the previous year.
The Duty Free Shoppers group’s owner, the Alan Parker family, rose in worth by £238.
The Hong Kong-based luxury travel retailer is now valued at £3.153bn and placed 55th on the list.
King Charles
Retail mogul Mike Ashley’s value dropped by £41m, but the Fraser Group owner maintained his 49th position on the list.
King Charles’ worth rose by £10m on the list, standing at £610m in 2024. The British monarch owns a bath and body care line inspired by his Highgrove residence.
The King has granted Royal Warrants to a number of beauty brands, including fragrance labels Penhaligon's and Floris and homoeopathic remedy brand Ainsworths.
In the Sunday Times 40 Under 40 Rich List, Harry Styles has maintained his position as one Britain’s richest musicians.
His beauty brand Pleasing, launched in 2021, year offers nail polishes and skin care products.
It also recently broke into the fragrance category, after Styles created a sex-inspired perfume collection
Finally, the founder of Tropic Skincare Susie Ma (pictured at top) placed 37th on the 40 under 40 list at a value of £73m.
She regained full ownership of the brand from British business magnate Lord Alan Sugar in 2023.
Ma, who founded the business in 2004, bought out Lord Sugar’s remaining 50% shares in the company.
- Companies:
- L'Oreal
- Kering
- Harrods
- Tropic Skincare
- ASOS
- Primark
- boohoo
- Victoria Beckham Beauty
