C hristoffel "Christo" Wiese is a South African retail magnate who built a massive fortune over several decades. He is best known for building the Shoprite Group into Africa's largest food retailer. He also controlled the discount clothing and furniture retailer Pepkor. At his peak, he was one of the wealthiest people in Africa, with a sprawling retail empire and a significant investment portfolio.
However, Wiese's fortune took a catastrophic hit in 2017 with the collapse of the international furniture retailer Steinhoff International, in which he was the largest shareholder and chairman. After a massive accounting fraud was revealed, Steinhoff's stock price plummeted, wiping out billions of dollars of Wiese's personal wealth almost overnight. Despite this massive setback, he has retained a portion of his fortune, primarily through his stake in Shoprite and other investments, and remains a significant, though diminished, figure in South African business.
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Christoffel 'Christo' Hendrik Wiese is a South African billionaire businessman, the founder and former chairman of Shoprite and Pepkor, two of Africa's largest retail chains. Born in Upington, South Africa, in 1941, his family owned a sheep and cattle farm and a car dealership. Wiese received a high-level education, earning a Bachelor of Arts (BA) and a Bachelor of Laws (LLB) from Stellenbosch University.
Trained as a lawyer, he initially practiced law at the Cape Bar. His entrepreneurial journey began when he acquired a controlling interest in Pep Stores in 1981 from a family member, a discount clothing chain founded by his parents. This early move into high-volume, low-cost consumer retail—a business Wiese later described as 'the Wal-Mart of Africa'—defined his career and wealth strategy.
Christoffel Wiese's career is marked by aggressive retail expansion and a focus on essential consumer goods. In 1986, Pepkor spun off its food interests, listing Shoprite Holdings Limited separately on the JSE. Wiese led Shoprite's growth from a modest eight-store operation into a sprawling multinational retail empire, acquiring OK Bazaars from South African Breweries and expanding to over 1,200 outlets, creating thousands of jobs across the continent.
Wiese was the long-time chairman and largest shareholder of Steinhoff International until its catastrophic collapse in December 2017 due to an accounting scandal. He resigned due to the scandal and his net worth plunged dramatically. Despite facing financial controversies (including a dispute with SARS over alleged back taxes), Wiese retains significant interests in both Shoprite and Pepkor, as well as in mining and real estate, ensuring his continued billionaire status through diversification and resilience.
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Graduates with BA and LLB degrees from Stellenbosch University (Academic Achievement).
Acquires controlling interest in Pep Stores (Corporate Entry).
Shoprite Holdings Limited is listed separately on the JSE (Founding).
Serves as Executive Director of Shoprite and Chairman of Invicta Holdings (Executive Leadership).
Resigns as Chairman of Steinhoff International due to the accounting scandal (Controversy).
Retains major stakes in Shoprite and Pepkor (Financial Status).
Christoffel Wiese's wealth is rooted in his founding of two of Africa's largest retail conglomerates and his diversified investments in tangible assets.
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Christoffel Wiese's social impact is structural, stemming from the massive scale of Shoprite and Pepkor, which provide thousands of jobs and essential low-cost goods (retail and food) to millions of consumers across South Africa and the African continent. His companies are major sources of employment and economic activity.
His personal philanthropy supports various educational and community initiatives in South Africa. His commitment is to the stability of the South African retail sector, ensuring affordable access to essential consumer staples.
Christoffel Wiese maintains the professional, composed style of a successful South African industrialist. His attire is consistently formal, favoring tailored suits. His public persona is defined by his resilience and his mastery of high-volume, low-cost retail, earning him the description of the 'Wal-Mart of Africa'.
Residing in Cape Town, his luxury is the security of his multi-billion dollar fortune, despite the massive losses from the Steinhoff collapse. His life is dedicated to the long-term stewardship of his retail and real estate assets.
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+1.39% | +$36.08M
+0.01% | +$0.09M
This profile is compiled from verified biographical and financial records:
All information is cross-referenced with public sources for accuracy; some narrative sections are AI-assisted summaries.
If you find any inaccuracies, please report them to admin@redcarpetlife.in
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