- Giovanni Ravazzottis 33.88% stake in Italtile has dropped by R322.4 million ($18.01 million) after shares slid 5.52% on the JSE.
- Italtiles market capitalization has fallen below $1 billion as shares dropped from R13.05 ($2.036) to R12.33 ($1.954).
- Despite volatility, Italtile's year-to-date performance is up 11.99%, reflecting resilience amid market challenges.
South African businessman Giovanni Ravazzotti, founder and chairman of tile and bathroomware giant Italtile Limited, has experienced a notable decline in the market value of his stake following a recent pullback on the Johannesburg Stock Exchange (JSE).
According to data tracked by Billionaires.Africa , the market value of Ravazzottis 33.88-percent stake in Italtile over the past 15 days has dropped by R322.4 million ($18.01 million) as the companys shares slid by 5.52 percent.
Italtiles shares , which traded at R13.05 ($2.036) on Aug. 26, have fallen to R12.33 ($1.954), dragging the company's market capitalization below the $1-billion mark. Ravazzotti, a key figure in South Africas business scene, holds 447.7 million shares in the company, which have fallen in value from R5.84 billion ($326.5 million) to R5.52 billion ($308.5 million).
Volatility follows recent gainsRavazzotti's stake in Italtile has recently declined, reversing earlier gains that had boosted his holdings to over $320 million. This reflects the recent challenges faced by the JSE-listed company amidst broader market volatility, which has erased much of the earlier gains.
Despite this turbulence, Italtile remains a top figure in South Africa's retail sector, operating iconic brands like CTM, TopT, and U-Light. The company's year-to-date performance, up 11.99 percent, showcases its resilience. A $100,000 investment in Italtile shares at the start of the year would have yielded a profit of $11,990, with the investment now worth $111,990.
