South African billionaire Johann Rupert’s Richemont seals acquisition of Italian jewelry brand
The move expands Richemont’s “Jewellery Maisons” division, which includes brands like Cartier and Van Cleef & Arpels.
The move expands Richemont’s “Jewellery Maisons” division, which includes brands like Cartier and Van Cleef & Arpels.
Richemont Chairman Johann Rupert urges luxury watchmakers to cut production as global demand cools, warning that oversupply could harm brand value amidst market shifts.
The recent $300 million decline in Johann Rupert’s wealth is tied to the performance of his 10.18 percent stake in Richemont.
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 ($159.815) at the time of writing.
The transaction aligns with Richemont’s growth strategy under Rupert’s leadership and deepens the group’s jewelry holdings.
The surge in Rupert’s wealth, an average gain of $83.3 million per day since May 2, is attributed to the performance of his 9.14-percent stake in Richemont.
The $1.1-billion plunge in Rupert’s fortune — averaging a daily loss of $73.33 million since March 14 — is directly linked to the market value of his 9.14-percent stake in Richemont.
The recent increase in Rupert’s fortune is linked to the performance of his 9.14-percent stake in Richemont.
Rupert has cemented his status as South Africa’s richest individual, maintaining his lead over fellow South African magnate Nicky Oppenheimer.