The business sector has lost another billionaire. Liliane Bettencourt French richest businesswoman and billionaire died at age 94. Her family started L’Oreal and still owns the largest stake in the cosmetics giant. Her daughter said on Thursday that Liliane died.

She is the lady who was listed by Forbes as the world’s richest woman. She was heiress to the beauty and Cosmetics Company founded a century ago by her father as a maker of hair dye.

She was born in Paris and she joined her father Eugene Schueller’s firm as an apprentice at the 15. At that time she doing the work of mixing cosmetics and labeling bottles of shampoo. In the year 1950, she got married to the French politician Andre Bettencourt and inherited the family fortune in the year 1957 when her father died.

Now because of her death opens a new phase for L’Oreal, which is France’s fourth-largest listed company, altering the relationship it has with key shareholder Nestle, the Swiss food company.

33 percent of the company’s shares owned by Bettencourt and her children. In a statement, her daughter Francoise Bettencourt-Meyers said their family will stay committed to L’Oreal and its management team.

Francoise Bettencourt-Meyers said “My mother left peacefully,” and she told that her mother died during Wednesday night in Paris at her home.

She further added, “I would like to reiterate, on behalf of our family, our entire commitment and loyalty to L’Oreal and to renew my confidence in its President Jean-Paul Agon and his teams worldwide.”

In the year 2011, Agon was appointed as chairman and chief executive of L’Oreal.

Nestle, owns a little share of 23 percent of L’Oreal had an agreement with the establishing family specifying that the two parties could not upsurge their stakes in the cosmetic group during Liliane Bettencourt’s lifetime and for at least six months after her death.

On Thursday a Nestle spokeswoman did not say anything on company stake, only saying, “It’s time to send our sincere condolences to Madame Bettencourt’s family.”

And the Swiss company has been a major investor since 1974.

So, the L’Oreal Company lost its main head and it will open many issues also.