South Africa’s Johann Rupert loses $600 million as Richemont sales miss and share price falls.
Richemont
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South Africa’s richest man Johann Rupert’s Richemont posts $5.7-billion revenue in Q1 2024
Richemont’s jewelry brands, including Cartier and Van Cleef & Arpels, contributed significantly to the overall sales increase, growing by four percent.
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Rupert’s stake in Richemont grew to $9.56 billion as the luxury conglomerate’s share price surged over 25% on the SIX Swiss Exchange.
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Johann Rupert, who derives a $9.5-billion fortune from his stake in Richemont has expressed a desire to maintain the company’s independence.
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Johann Rupert remains South Africa’s wealthiest person and Africa’s second-richest, trailing Aliko Dangote
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The recent $300 million decline in Johann Rupert’s wealth is tied to the performance of his 10.18 percent stake in Richemont.
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Richemont’s impressive sales results ignited a surge in its share price, jumping 5.9 percent from CHF137.25 ($150.913) on May 16 to CHF145.35 …
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The transaction aligns with Richemont’s growth strategy under Rupert’s leadership and deepens the group’s jewelry holdings.
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The surge in Rupert’s wealth, an average gain of $83.3 million per day since May 2, is attributed to the performance of …
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The $1.1-billion plunge in Rupert’s fortune — averaging a daily loss of $73.33 million since March 14 — is directly linked to …