It started as a small company, based on exporting Port wine to Scandinavian markets and Germany.

In 1880, Theodor Wiese decided to sell his share to Dankert Krohn – the small size of the firm could not accommodate two partners – but he continued his collaboration with Wiese & Krohn as a commercial agent in Norway. Due to his excellent work, sales increased considerably and the company entered a new phase of economic progress.

After Dankert Krohn's death in 1906, the business continued with the founder's widow and daughters as partners: Gomes Figueiredo and Edmund Arnsby, the former a Portuguese bookkeeper and the latter a British manager, both former collaborators during Dankert Krohn's time.

During this period, Wiese & Krohn extended its commercial activity to new markets, such as France, Belgium, and the Netherlands. Gomes Figueiredo retired in 1921, the year in which Edmund Arnsby acquired the Krohn family's share and admitted as new partners his brother Frederick – a very experienced taster from Croft – and Edmundo Falcão Carneiro, a Portuguese export director who had been working at the firm since 1910.
Edmund Arnsby passed away in 1933, and his brother Frederick retired four years later. This provided an opportunity for Edmundo Falcão Carneiro to acquire his shares and thus start a Port wine house wholly owned by Portuguese people.

In 2013, The Fladgate Partnership acquired the family-owned company Wiese & Krohn, adding another distinguished Port wine house to its portfolio of world-renowned brands.

Ten years later, in 2023, WineStone acquired the iconic Port wine brand and the unique Quinta do Retiro Novo estate, thus strengthening its position as one of the leading players in the Portuguese wine sector.