Johann Rupert’s Richemont Earns Over $16 billion in 2023 Fiscal ...
Home African CEOs South African Billionaire Johann Rupert’s Richemont Earns Over $16 billion in 2023 Fiscal Year
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South African Billionaire Johann Rupert’s Richemont Earns Over $16 billion in 2023 Fiscal Year

Johann Rupert’s Richemont earned over $16 billion in the third quarter of the 2023 fiscal year. This comes as the group took advantage of the positive stimulus from the first half of the fiscal year.

In a recently released trading update, the Swiss luxury goods holding company sales increased by 18 percent at actual exchange rates for the nine-month period, which ended on Dec 31, 2022. A detailed analysis presents the growth witnessed in the group’s sales moving from $16.3 billion to $13.9 billion in the first nine months of its 2022 fiscal year. Also, Rupert’s Richemont Jewelry Masons recorded a 19 percent increase in sales. The increase was fueled by the amazing performances of Cartier and Van Cleef and Arpels. Rupert’s Richemont Specialist Watchmakers sales also increased by 13 percent.

How Rupert’s Richemont sales performed in various continents

In Europe, sales performed beyond expectations despite the ongoing war in Ukraine. Asia-Pacific, which houses its biggest market took a seven percent hit at a consistent rate. This was necessitated by the COVID-19 pandemic that was prevalent in China’s largest city, Shanghai.

In the Middle East and Africa, Rupert’s Richemont sales exceeded the $1-billion mark, rising from $1.02 billion in the first nine months of 2022 to $1.26 billion at the end of the first nine months of 2023.

This development comes after the South African billionaire and the second richest man in Africa, Johann Rupert, saw his net worth rise by more than $400 million in the first week of 2023.

Rupert’s Richemont sales increase predicted

Recall that earlier, Barclays Plc in a report stated that Rupert’s Richemont and LVMH Moet Hennessy Louis Vuitton, owned by World’s richest man, Bernard Arnault are set to benefit from the Middle East. The report also noted that the Middle East has a large tendency of being one of the fastest-growing markets for luxury goods in 2023. It further maintained that the region, particularly Saudi Arabia and Qatar, would through tourism witness growth in the luxury sector.

The second richest man in Africa manages the world’s largest luxury watchmaker, Cie Financiere Richemont, through a family trust. His other holdings include Remgro, a Stellenbosch, South Africa-based investment vehicle with stakes in more than 30 companies.

NEXT: Johann Rupert’s Richmont Post Over $2B in 2022

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