Giovanni Ravazzotti, a prominent South African business magnate, has seen a significant increase in his wealth, gaining over $16 million from his investment in Italtile, a leading global retailer specializing in high-quality ceramic and porcelain tiles, and associated products.
According to data tracked by Billionaires.Africa, the market value of Ravazzotti’s Italtile stake has risen by R313.42 million ($16.66 million) in the last 29 days, reflecting the recent positive trend in the company’s shares on the Johannesburg Stock Exchange (JSE).
Italtile shares surge by 6.25 percent, propelling market cap above $830 million
Italtile, recognized as a premier franchisor, retailer, and manufacturer in the tile and bathroomware sector, operates a range of prominent retail brands, including Italtile Retail, CTM, TopT, and U-Light. Additionally, the company serves as a barometer for measuring consumer expenditure health within the South African market.
Over the past 29 days, Italtile shares on the JSE have risen by 6.25 percent, going from R11.20 ($0.595) on Jan. 1 to R11.90 ($0.633). This surge has pushed its market capitalization above $830 million, thus solidifying its position as the 85th most valuable company in South Africa in terms of market capitalization.
Ravazzotti’s stake in Italtile soars above $280 million
Ravazzotti, a prominent figure in the South African business arena, owns a 33.88-percent stake in Italtile — this amounts to a total of 447,746,694 shares in the company.
Thanks to this recent upswing in Italtile’s shares, Ravazzotti’s stake has surged by R313.42 million ($16.66 million) since Jan. 1, elevating his holdings from R5.01 billion ($266.55 million) to R5.33 billion ($283.21 million) at the time of writing this report.
The recent surge in his stake in Italtile, which significantly contributes to his multimillion-dollar fortune, firmly solidifies his position as one of the high-value investors on the JSE and one of the country’s most affluent individuals.