Table of Contents
Key Points:
- Giovanni Ravazzotti’s stake in Italtile surged by $44.37 million in 24 days, driven by a 19.05% rise in share price.
- Italtile’s market capitalization now exceeds $830 million as shares climb from $0.52 to $0.62 since May 31.
- Italtile’s shares delivered a 2% year-to-date gain, recovering from a 17% loss, reflecting improved investor sentiment.
South African businessman Giovanni Ravazzotti has added over $44 million to his fortune, driven by a surge in the market value of his stake in Italtile. The leading global retailer of high-quality ceramic and porcelain tiles, Italtile has seen a resurgence in investor interest on the Johannesburg Stock Exchange (JSE) in recent weeks.
According to data tracked by Billionaire.Africa, Ravazzotti’s stake in Italtile has gained R805.9 million ($44.37 million) in the past 24 days. This follows an earlier gain of $9.01 million between May 9 and 24, when Ravazzotti’s stake rose from R4.14 billion ($224.99 million) to R4.3 billion ($234 million).
Italtile shares surge 19.05%, market cap exceeds $830 million
Italtile, a prominent franchisor, retailer, and manufacturer, operates several well-known retail brands, including Italtile Retail, CTM, TopT, and U-Light. The company is seen as a bellwether for consumer spending health in the South African market.
Over the past 24 days, Italtile’s shares on the JSE have increased by 19.05 percent, climbing from R9.45 ($0.52) on May 31 to R11.45 ($0.62). This increase has pushed the company’s market capitalization above $830 million, resulting in significant gains for shareholders.
Italtile share price boosts Ravazzotti’s wealth by $44.37 million
Giovanni Ravazzotti, who holds a 33.9 percent stake in the company (447.7 million shares), has seen his wealth surge with the recent rise in Italtile’s share price. Over the past 24 days, his stake increased by R805.94 million ($44.37 million), growing from R4.23 billion ($235.43 million) on May 31 to R5.13 billion ($285.26 million). This cements Ravazzotti’s position as one of South Africa’s richest individuals and a top investor on the JSE.
Your Money and Your Life
After recovering from a year-to-date loss of over 17 percent, Italtile has joined the ranks of companies delivering returns to investors. The company’s shares on the JSE have recorded a marginal 2 percent year-to-date gain, meaning a $100,000 investment at the start of the year would now be worth $102,000.
