Local investors, still somewhat limited in their ability to buy global shares, have been richly rewarded thanks to their unfettered access to Johann Rupert’s Richemont for the past 30 years. The luxury goods behemoth’s consistent profitability, combined with a weakening rand, has ensured investors have made a mint.

Richemont’s genesis dates to 1988, when Rupert spun out the luxury assets of the old Rembrandt Group (founded by his father, Anton) and listed them as Richemont on the Zurich Stock Exchange and the JSE...

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