Richemont, the owner of luxury brands such as Cartier and Mont Blanc, lost nearly R160 billion in market value in a single day after its shares fell almost 10% on Monday.
- The drop came as the market reacted to soft sales in the Americas and concerns about weakening demand in Asia.
- Despite the fall on Monday, Richemont is still up almost a third in the year to date and recently reported record results for the year to end March.
- The loss in market value is nearly 10 times Telkom’s market value of approximately R15 billion and almost equals the combined market value of retailers Shoprite (R142 billion) and Spar (R20 billion).
- Richemont is still valued at over R1.5 trillion on the JSE.