Pursuits
Billionaire Wiese Takes Long-Term Africa View as Growth Dips
- Investors need deep pockets, staying power: Shoprite’s Wiese
- Africa’s growth slowdown temporary: Nielsen’s Matthesen
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Christo Wiese, South Africa’s richest man and the chairman of the nation’s biggest retailer Shoprite Holdings Ltd., has some advice for companies looking to tap the spending power of Africa’s 1.2 billion consumers: stick around and have deep pockets.
“Over the years, I’ve seen too many companies set up shop, stay around for a while and then disappear again,” 74-year-old Wiese, who’s been doing business in African countries other than South Africa for more than two decades, said in an address to the Consumer Goods Forum’s global summit in Cape Town. “Make very sure Africa is where you want to be.”