Why so many Afrikaner tycoons have risen so remarkably over the past 30 years 702.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from 702.co.za Daily Mail and Mail on Sunday newspapers.
Ebbe Dommisse
The past three decades have seen a remarkable rise of Afrikaners in business. In light of the government’s comprehensive black economic empowerment programme this has been one of the unexpected features of the South African economy.
Today many of these Afrikaner tycoons are competing internationally. With Koos Bekker at its helm, media group Naspers began dominating the Johannesburg Stock Exchange and was turned into a global consumer internet group. Johann Rupert strongly extended Richemont’s share internationally in the upper-end market of luxury goods, while Christo Wiese and Whitey Basson at Pepkor and Shoprite became Africa’s largest clothing and food retailers.
Pepkor appears to have been a net beneficiary of Covid-19 as consumers continue to shop down while strong demand for electronics and furniture has made up for softer growth in apparel after the school year got off to a later start due to the second wave of the pandemic.
The retail group, which is majority-owned by Steinhoff International, expects to report a decent rise in first-half earnings as South Africans kitted out home offices and studies so they could continue to work and study from home. According to data from Retailers’ Liaison Committee, it has gained market share in nearly all its retail brands.
Ebbe Dommisse
The past three decades have seen a remarkable rise of Afrikaners in business. In light of the government’s comprehensive black economic empowerment programme this has been one of the unexpected features of the South African economy.
Today many of these Afrikaner tycoons are competing internationally. With Koos Bekker at its helm, media group Naspers began dominating the Johannesburg Stock Exchange and was turned into a global consumer internet group. Johann Rupert strongly extended Richemont’s share internationally in the upper-end market of luxury goods, while Christo Wiese and Whitey Basson at Pepkor and Shoprite became Africa’s largest clothing and food retailers.