South African tycoon Giovanni Ravazzotti loses $67 million from Italtile stake

South African businessman Giovanni Ravazzotti, founder and chairman of Italtile Limited, has seen the market value of his stake in the tile and bathroomware company drop by $67 million amid recent bearish pressures on the Johannesburg Stock Exchange (JSE).

Ravazzotti’s holdings lose over $67 million

Ravazzotti holds a controlling 56.46 percent interest in Italtile—roughly 746.2 million shares. Over the past 10 days, the market value of his holdings fell by R1.17 billion ($67.5 million), leaving them worth about $409 million. Investors have grown cautious as the company faces pressure from South Africa’s weak economy and subdued consumer demand.

This decline follows an earlier drop between July 10 and July 19, when Ravazzotti’s stake lost $30.3 million. During that period, Italtile’s market capitalization slipped from R7.98 billion ($450.5 million) to R7.45 billion ($420.2 million).

Shares drop 14 percent recently

Founded by Ravazzotti in 1969, Italtile has grown into a major player in South Africa’s home improvement sector. Its portfolio includes recognizable brands such as Italtile Retail, CTM, TopT, and U-Light, which are widely found across the country.

In recent weeks, Italtile shares fell 14.1 percent, dropping from R11.10 ($0.64) on Sept. 9 to R9.53 ($0.55). That decline pushed the company’s market value below $740 million, leaving investors with losses.

Ravazzotti’s stake alone fell from R8.28 billion ($477.5 million) to R7.11 billion ($410 million). Despite these setbacks, Ravazzotti remains one of South Africa’s wealthiest business executives and continues to shape the retail and manufacturing sectors.

Italtile shares drop 32.6% this year

So far this year, Italtile stock has fallen 32.6 percent, meaning a $100,000 investment at the start of 2025 would now be worth about $68,670. Still, with Italtile being a well-known name on the JSE, many investors remain hopeful for a recovery in the months ahead.