Giovanni Ravazzotti, founder and former chairman of Italtile Limited, has experienced a $31.5-million drop in net worth between Jan. 31 and Feb. 17, when his stake decreased from R5.37 billion ($285.08 million) to R4.77 billion ($253 million).
Ravazzotti’s holding in Italtile has lost R313.42 million ($16.78 million) in market value during the last 9 days, owing to continued selling pressure on Italtile shares on the Johannesburg Stock Exchange.
Italtile, a significant franchisor, retailer, and manufacturer in the tile and bathroomware industry, maintains several well-known retail brands, including Italtile Retail, CTM, TopT, and U-Light. Furthermore, the organization acts as a barometer for assessing consumer expenditure health in the South African market.
Since March 28, Italtile shares on the JSE have decreased by 6.86%, from R10.2 ($0.546) to R9.5 ($0.509). This fall has reduced the group’s market capitalization to $700 million, causing severe losses for stockholders, including Ravazzotti.
Ravazzotti, a well-known personality in South African business, controls 33.88 percent of Italtile, or 447,746,694 shares.
Ravazzotti’s stake has reduced by R313.4 million ($16.78 million) due to the single-digit percent drop in Italtile shares during the last 9 days. The market value of his stock fell from R4.57 billion ($244.51 million) on March 28 to R4.25 billion ($227.73 million).
Despite the $16.78-million loss, Ravazzotti remains one of the JSE’s wealthiest investors and South Africa’s most successful businessmen.
