Giovanni Ravazzotti loses $22 million as Italtile shares slide on JSE

South African businessman Giovanni Ravazzotti, founder and chairman of tile and bathroomware giant Italtile Limited, suffered a loss of over $22 million from his stake in Italtile Limited in 2026, as the company’s shares declined on the Johannesburg Stock Exchange (JSE) amid weak consumer demand and rising competition in the home improvement sector.

In 2026, the market value of Ravazzotti’s 56.46% holdings in Italtile experienced a decline of R373.12 million ($22.02 million), driven by a pullback in the company’s stock on the Johannesburg Stock Exchange (JSE). 

Recent data tracked by Shore Africa shows Ravazzotti’s stake, representing more than half of Italtile, now stands at R6.38 billion ($376.49 million), down from R6.75 billion ($398.51 million) at the start of the year.

This decline comes on the heels of a nearly $500 million loss experienced over the past five years, when the shares were trading at more than R17 as of February 2021. Unfortunately, it has lost over 49% of its value, closing 2025 at R9.05.

Giovanni Ravazzotti’s Italtile shares drop 5.52%
Italtile, founded by Giovanni Ravazzotti in 1969, has grown into a key player in South Africa’s home and construction sector. Over the years, it has expanded its footprint through brands like Italtile Retail, CTM, TopT, and U-Light, becoming a significant force in the industry under Ravazzotti’s leadership. 

In early 2025, Ravazzotti’s stake in Italtile Limited experienced a sharp decline as the company’s share price fell from R9.05 ($0.53) on Jan. 1, 2026, to R8.55 ($0.55) as of writing. This 5.52% drop pushed Italtile’s market capitalization below $670 million, reducing shareholder value.

Earnings weaken amid demand slowdown
In its interim results for the six months ended Dec. 31, 2025, Italtile reported systemwide turnover of R6.1 billion, largely unchanged year-on-year. 

The flat performance reflects constrained consumer spending and subdued residential construction activity. Trading profit declined 14% to R1 billion, while headline earnings per share also fell 14%, signaling margin pressure across operations.

Competitive pressures hit key divisions
CTM, the group’s largest retail division, recorded a 3% drop in sales volumes, weighed down by oversupply and aggressive price competition.

TopT faced mounting pressure from independent retailers offering lower-priced alternatives, limiting its ability to expand market share.

Ceramic Industries, Italtile’s manufacturing arm, operated at 77% capacity utilization amid weak regional demand and declining export volumes, partly due to protectionist policies in Southern African markets.

Long-term outlook remains intact
Despite the recent decline, Italtile remains a major player in South Africa’s home and construction sector, with a diversified portfolio spanning retail and manufacturing.

Ravazzotti’s long-standing leadership and the company’s established market presence provide a foundation for recovery, even as short-term pressures continue to weigh on performance.