Wiese snaps up majority stake in New Look for £780m

South African retail Billionaire Christo Wiese snapped up a majority stake in New Look for £780m. Permira and Apax have sold the chain of 800 stores to private equity firm Brait linked to South African billionaire Christo Wiese after abandoning their plans to float it on the London Stock Exchange in 2010. With this Wiese has become one of the most powerful players on British High Street, as he already owns a third of South Africa’s leading investment company Brait, which has been amassing stakes in UK brands including scooping 80% stake in Virgin Active health, clubs for £682m, against other leading retail owners, Weston family, Sir Philip Green, Mike Ashley.

New Look’s equity valued at £865m, founded by Tom Singh whose 22 per cent is worth £192m. Mr Singh bought New Look in 2004 for £669m.

Anders Kristiansen , New Look’s CEO welcomes Brait as a long-term investor, and would help to fulfill New Look’s ambitious expansion including in China where it has 27 stores.

Wiese (73) , a born entrepreneur, became the executive chairman in 1981 of PEPKO originally Pep stores bought by his family in 1965, a small four-store discount clothing chain in a remote town Upington, Northcape, which he sold it to Steinhoff International. He also acquired Shoprite in 1979, which has grown from 8 stores in Cape Town, to 2000 stores spanning 15 countries. Dealmaker Wiese grew his empire across Africa, Europe and Asia. According to Forbes Wiese is worth $6.9bn.