South Africa’s Giovanni Ravazzotti takes $33.6 million loss on Italtile investment

Key Points

• Giovanni Ravazzotti’s stake in Italtile has dropped by $33.6 million in two weeks amid continued share price weakness.
• Italtile’s share price dropped 7.5% in two weeks, pushing market value below $720 million and eroding shareholder wealth.
• Year-to-date, Italtile shares are down 29.28%, reflecting economic pressure on South Africa’s home improvement sector.

South African businessman Giovanni Ravazzotti, founder and chairman of Italtile Limited, has suffered a significant decline in the market value of his stake in the company, as shares of the tile and bathroomware group continue to weaken on the Johannesburg Stock Exchange (JSE).

Ravazzotti’s $400 million stake takes hit amid share slump

Ravazzotti holds a controlling 56.46 percent interest in Italtile, equivalent to 746.24 million shares. Over the past two weeks, the value of his stake has dropped by R604.46 million ($33.61 million), dragging its market value to $414 million. The downturn reflects mounting investor caution regarding the company’s near-term growth prospects amid a challenging economic climate in South Africa. 

This latest setback compounds an earlier decline between April 3 and May 2, when the value of Ravazzotti’s holdings fell by $26.47 million—from R7.74 billion ($415.82 million) to R7.23 billion ($389.36 million). The continued weakness in Italtile’s share price highlights growing market concerns about consumer demand, rising input costs, and broader macroeconomic headwinds.

Italtile’s market value drops below $720 million amid share prices slump

Founded by Giovanni Ravazzotti in 1969, Italtile has grown into a major player in South Africa’s home improvement and construction market. Its portfolio includes well-known brands such as Italtile Retail, CTM, TopT, and U-Light, which have become household names across the country.

In recent weeks, Italtile has come under pressure. Its share price has dropped by 7.49 percent over the past two weeks, slipping from R10.81 ($0.599) on May 7 to R10 ($0.554). This decline has pushed its market capitalization below the $750 million mark, wiping out a significant chunk of value for shareholders.

Among those hit hardest is Ravazzotti himself. The market value of his 56.46 percent stake has fallen by R604.46 million ($33.61 million), down from R8.07 billion ($448.56 million) to R7.46 billion ($414.95 million). Despite the recent losses, Ravazzotti remains one of South Africa’s richest individuals and a key voice in the country’s retail and manufacturing industries.

Year-to-date performance

While the brand remains strong, the company’s stock has had a difficult year. Italtile’s shares are down 29.28 percent since the beginning of 2025, reflecting growing investor concerns about the state of South Africa’s economy and the pressure on household spending in the home improvement space.

A $100,000 investment in Italtile at the start of the year would now be worth just $70,720, translating into a paper loss of $29,280. The slide highlights the broader headwinds facing the company and the sector at large, as both grapple with a tougher consumer environment.