Quick Facts
| Full Name | Christoffel F. Hendrik Wiese |
|---|---|
| Date of Birth | 10 September 1941 (83 years) |
| Nationality | South African |
| Education | BA, LLB from Stellenbosch University |
| Occupation | Businessman, Investor |
| Source of Wealth | Consumer Retail |
| Notable Roles | Executive Director at Shoprite, Chairman at Pepkor, Former Chairman at Steinhoff International |
| Net Worth | Peaked at US$6.8 billion, $742 million (as of December 2017) |
| Marital Status | Married to Caro |
| Children | 3, including Jacob Wiese |
Biography
Christoffel F. Hendrik Wiese, born on 10 September 1941, is a prominent South African businessman and billionaire, best known for his influential role in the consumer retail industry. He has built an empire through strategic acquisitions, leadership, and an entrepreneurial spirit.
Early Life
Christo Wiese was born and raised in Upington, a small town in the Northern Cape region of South Africa. He completed his high school education at Paarl Boys’ High School in the Western Cape before attending Stellenbosch University, where he earned both BA and LLB degrees.
Career
After completing his university education, Wiese practiced law at the Cape Bar for several years. He later transitioned into the business world, becoming a Director at Pepkor, a discount clothing chain that his parents had helped to establish.
Wiese’s most significant business success came when he took the helm at Shoprite, a small chain of eight supermarkets in Cape Town that he purchased for 1 million rand (approximately $122,000 USD). Under his leadership, Shoprite grew into a multibillion-dollar business through various acquisitions and an aggressive expansion strategy. One of his notable moves was the acquisition of the struggling OK Bazaars from South African Breweries for just one rand in 1997, adding 157 supermarkets and 146 furniture stores to Shoprite’s portfolio.
In addition to Shoprite, Wiese has held significant stakes and leadership positions in other companies, including Pepkor, where he has a 44% share and has served as chairman since 1981. He was also instrumental in the acquisition of Virgin Active by Brait, a South African investment firm he owns, in a deal valued at £682 million.
However, Wiese’s career was not without challenges. He served as the chairman and was the largest shareholder of Steinhoff International, a German-listed furniture conglomerate. In 2017, he resigned in the wake of a massive accounting scandal that led to a sharp decline in Steinhoff’s share price. Wiese suffered significant financial losses due to the scandal and later filed a $4 billion claim against Steinhoff.
Lanzerac Manor & Winery
In 1991, Wiese purchased the Lanzerac Manor & Winery, a historic South African farm dating back to the 19th century. He transformed the property into a luxurious five-star hotel with 48 rooms. Wiese later sold the property to a foreign investment firm in March 2012.
Financial Controversies
Wiese has faced several financial controversies throughout his career. In 2012, it was reported that he owed the South African Revenue Service (SARS) an estimated R2 billion in back taxes. He was also involved in a legal battle to recover $1 million that was confiscated by customs officers while he was boarding a flight from England to Luxembourg in 2009.
Personal Life
Christo Wiese is married to Caro, and the couple resides in Cape Town. They have three children, including Jacob Wiese, who works for Pepkor and is expected to take over from his father upon retirement.
Wiese owns several prestigious properties, including a private game reserve in the Kalahari Desert and the Lourensford Estate, a renowned wine producer. Throughout his career, Wiese has received numerous accolades, including the title of Business Leader of the Year from the Cape Town Sakekamer and the Pioneer of the 20th Century Award from the South African Council of Shopping Centres.
