Iconic South African R12 billion retailer hit by perfect storm

• Italtile faces a perfect storm of macroeconomic headwinds, with the company acting as a bellwether for the struggling South African consumer.
• The company's struggles are driven by high inflation in input costs, including fuel, electricity, and raw materials, as well as aggressive pricing from competitors in Southern Africa.
• Italtile is reviewing its continued presence in Australia after a forensic investigation uncovered fraud, with the company in advanced discussions with a prospective buyer.