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Key Points
- South Africa’s richest man lost $400 million in a week as Richemont’s share price declined, reducing his net worth to $16.6 billion.
- Richemont’s stock fell over 3% in five days, pushing its market cap below $110 billion and lowering Rupert’s stake value to $12.1 billion.
- The luxury giant sued U.S. jeweler Silversmiths Inc. for trademark infringement, alleging unauthorized copies of Van Cleef & Arpels’ Alhambra design.
South Africa’s richest man, Johann Rupert, briefly saw his net worth hit $17 billion before slipping by $400 million in just one week.
The drop followed a wave of profit-taking by investors, which pushed down the share price of Richemont, the Swiss luxury goods giant where Rupert holds a significant stake.
According to the Bloomberg Billionaires Index, Rupert’s fortune surged to $17 billion between Feb. 14 and 18 before slipping to $16.6 billion. Despite the recent drop, he remains one of the world’s 150 richest individuals, ranking 133rd globally, with a year-to-date gain of $2.97 billion.
Johann Rupert loses $400 million on Richemont slide
The $400-million decline in his wealth is tied to the recent slide in Richemont’s market value. The company, known for luxury brands like Cartier, Van Cleef & Arpels, and Chloé, has seen its stock price fall by over 3 percent in the past five days on the SIX Swiss Exchange.
This pullback has pushed Richemont’s market capitalization below $110 billion, bringing the value of Rupert’s stake down from $12.5 billion on Feb. 14 to $12.1 billion.
Rupert holds a 10.18 percent equity stake in Richemont and controls 51 percent of its voting rights through 6.26 million “A” shares and 522 million “B” shares. His influence remains strong as the company navigates shifting market conditions.
Richemont sues U.S. jeweler for infringement
The recent drop in Richemont’s share price comes as investors cash in on profits and react to growing concerns about the luxury giant’s market position. In the midst of this, Richemont is taking legal action to defend its brand.
Richemont has filed a lawsuit against U.S.-based Silversmiths Inc. in a New Jersey federal court, accusing it of trademark counterfeiting and infringement. It claims that Silversmiths is selling necklaces that closely resemble Van Cleef & Arpels’ signature Alhambra design.
According to the lawsuit, Silversmiths’ products copy the quatrefoil-shaped motif that has defined the Alhambra collection since the late 1960s.
With its beaded outer edge and solid center, Richemont describes the design as “instantly recognizable.” The company is pushing to block unauthorized copies and protect its standing in the luxury market.
