At a time when parts of the global luxury industry are grappling with weaker demand in China and cautious consumer spending, the company behind Cartier is moving in the opposite direction.
Richemont, the Swiss luxury group controlled by South African billionaire Johann Rupert, is now worth nearly $117 billion and is closing in on a symbolic $123 billion valuation milestone after its shares more than doubled over the past five years.
The surge has added tens of billions of dollars to the value of the company and reinforced its position as one of the world’s biggest luxury winners at a time when investors are becoming more selective about where they place their bets.
For Africa, it is another reminder that one of the continent’s most valuable business success stories is no longer tied to mining, banking or commodities, but to a luxury empire selling high-end jewellery and watches to wealthy consumers across the globe.
Cartier is carrying the empire
