Richemont, the crown jewel in the Rupert family’s investment portfolio, is closing in on a R2-trillion valuation on the JSE thanks to the shares more than doubling in value over the past five years as the luxury goods maker sweats its assets.The stock has increased 10.78% over the past month alone, taking the group’s market value to just under R1.9-trillion.Johann Rupert, the luxury goods group’s chair and controlling shareholder, on Friday painted a rosy outlook and backed its executives to continue driving growth.Rupert in his annual letter to shareholders commented on the group’s 2025 financial year results, hailing the resilience of its business model.“This performance continued to be driven by a clear long-term approach, centred on differentiation, strong brand identity and disciplined pricing. Buccellati’s success since acquisition illustrates this well, combining a distinctive heritage with creativity and craftsmanship,” he said, referring to the Italian jewellery maison.“Looking ahead, uncertainty is likely to persist, not least in relation to developments in the Middle East. Against this backdrop, the group remains vigilant and will continue to rely on its long-term orientation and disciplined operating approach to enchant clients, maintain the desirability of its maisons and deliver sustainable value over time for all stakeholders.”Richemont bought Buccellati from Chinese conglomerate Gangtai Group in 2019, adding it to esteemed brands that include Cartier, IWC Schaffhausen, Van Cleef & Arpels, Chloé, Montblanc and Dunhill.In May Richemont reported a 5% increase in sales to €22.4bn for the year to end-March.Looking ahead, uncertainty is likely to persist, not least in relation to developments in the Middle East. Against this backdrop, the group remains vigilant and will continue to rely on its long-term orientation and disciplined operating approach to enchant clients, maintain the desirability of its maisons and deliver sustainable value over time for all stakeholders.The group’s jewellery maisons remained its strongest business, with sales rising 14% at constant exchange rates, delivering an operating margin of 30.5%.Sales in the Middle East & Africa were up by double digits despite the adverse effect of the conflict in the region that erupted at end-February.In Europe and Japan, sales grew by high single digits at constant rates, while Asia-Pacific was up by high single digits, including modest growth in China, Hong Kong and Macau.The company recently ended its three-year share buyback programme. However, the company launched a new programme in which it aims to repurchase as many as 10-million A shares.The Rupert family’s other investments, Remgro and Reinet, have experienced contrasting market performances in the first five months of 2026.Richemont’s stock is up 4.9% year to date, with investment holding company Remgro worth just more than R100bn. Reinet is down 15% in the period and valued at R90bn.The Rupert family is worth about $19.7bn, according to the Bloomberg billionaires index. Last year, the family ended its 80-year association with the tobacco industry after selling its remaining stake in British American Tobacco.