Richemont, the Swiss luxury goods holding company helmed by South Africa’s richest man Johann Rupert, reported a robust performance in the third quarter of its 2024 fiscal year.
Despite the prevailing uncertain macroeconomic and geopolitical landscape, sales during the three months ending Dec. 31, 2023, surpassed the $6.1-billion mark, showcasing an eight-percent increase at constant exchange rates and a four-percent rise at actual exchange rates.
Richemont’s sales soar: Key regions drive success, with Asia-Pacific leading at 13-percent growth
The surge in Richemont’s sales was underpinned by stellar performances in key regions, particularly Japan, Asia Pacific, and the Americas. Asia-Pacific experienced a 13-percent sales growth, fueled by a 25-percent increase in mainland China, Hong Kong, and Macau combined.Â
In the Americas, sales rose by eight percent, driven by a resilient economy and reduced purchases abroad by domestic clientele. The standout performer was Japan, with an impressive 18-percent sales growth, attributed to growing domestic sales and robust tourist spending.
Rupert’s wealth skyrockets to $12 billion as Richemont’s sales surpass expectations
Richemont’s better-than-expected sales report triggered a surge in the group’s share price, witnessing a surge of over 10 percent. This surge propelled Rupert’s net worth back above the $12-billion mark, solidifying his position as South Africa’s wealthiest individual.
Holding a formidable stake in Richemont, Rupert’s 10.18 percent of the company’s capital and commanding 51 percent of voting rights played a pivotal role in this wealth resurgence, with Bloomberg estimating the stake’s current value at a staggering $8.22 billion.
Rupert retains position amid Richemont’s shares surge
The exceptional rally in Richemont’s share price not only cements Rupert’s status as one of Africa’s leading billionaires but also strengthens his position as the second-richest individual on the continent.
The strong demand for the group’s flagship brands, including Cartier and Van Cleef & Arpels, particularly in Asia and the Americas, further fueled investor optimism, contributing to a one-week performance increase of 4.5 percent.
