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Meet Shoprite’s Christo Wiese, ruler of retail (and 3rd richest African)

22 June 2016 8:44 PM

Bruce Whitfield interviews the remarkable Wiese (net worth R100 billion!) about how it all began and where it’s going.

I do not get involved in businesses that I do not control. Businesses do best if the people who control it have skin in the game.

Christo Wiese

The Money Show’s Bruce Whitfield interviewed Christo Wiese, the billionaire (third richest in Africa, according to Forbes) cofounder of Shoprite and Pep Stores, for his weekly “ShapeShifter” feature.

Forbes estimates Christo Wiese’s net worth at around R100 billion.

Christo Wiese owns 15% of Shoprite (Africa’s largest retailer) and 17% of global retail holding firm Steinhoff (owner of Pepkor).

Christo Wiese went to Paarl Boys' High School and studied at Stellenbosch University where he received BA and LLB degrees.

Under Christo Wiese’s leadership, Shoprite grew from a chain of eight supermarkets into the behemoth it is today.

Scroll down for quotes from the video and audio below.

I have no idea whether I’m the third richest person in Africa. People who know how much they’re worth aren’t worth a hell of a lot!

Christo Wiese

My cousin thought there must be a way to provide affordable clothes to poorer people…

Christo Wiese

I was never cut out to be a Number 2 man…

Christo Wiese

In 1981 I bought out the Pep founders’ shares…

Christo Wiese

Whitey Basson and I were friends at university. People used to ask me how I was related to him!

Christo Wiese

Shoprite employs 136 000 people.

Christo Wiese

We bought Shoprite for R1 million. Today it’s worth R100 billion!

Christo Wiese

The jury is still very much out on where it [drones, Amazon, etc.] will end. I don’t lose sleep over it.

Christo Wiese

These perceived crises don’t bother me! My mother taught me to only worry about things you can do something about.

Christo Wiese

How does pessimism help you or anybody else? We got through so much, why won’t we get through this?

Christo Wiese

The world wants South Africa to succeed!

Christo Wiese

I enjoy what I’m doing! I still make a contribution.

Christo Wiese

Pep started as one shop in Upington then grew shop by shop by shop.

Christo Wiese

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Article brought to us by Old Mutual.


22 June 2016 8:44 PM

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