Magnit

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PJSC Magnit
Native name
ПAO «Магнит»
Public (PAO)
Traded as MCXMGNT
LSEMGNT
Industry Retail
Founded 1994; 24 years ago (1994)
Founder Sergei Galitsky
Headquarters Russia, Krasnodar
Key people
Dmitry Igorevich (Chairman)
Olga Naumova (CEO)
Products Consumer goods
Revenue $16 billion[1] (2016)
$1.03 billion[1] (2016)
$811 million[1] (2016)
Total assets $6.78 billion[1] (2016)
Total equity $2.92 billion[1] (2016)
Number of employees
260,000
Website www.magnit-info.ru

Tander, doing business as Magnit (Магнит, "Magnet"), was briefly Russia's largest food retailer.[2] It was founded in 1994 in Krasnodar by Sergey Galitsky. As of March 2016, the company had 12,434 stores in 2,385 locations. They include 9,715 convenience stores, 225 hypermarkets, 2,337 Magnit Cosmetics stores and 157 Magnit family stores.[3] The company employs more than 140,000 people and has been opening several dozen stores each month.

Since 2006, the company has developed a chain of "Magnit" hypermarkets in many Russian cities and towns. It overtook its rival X5 Retail as Russia's largest retailer in terms of sales in April 2013, although it is still under-represented in Moscow.[4] As of July 2014, it is the world's fourth largest retailer by market capitalization.[5] However, the largest retailer in Russia in 2017 is the X5 Retail Group. [6]

In early 2018 major changes in ownership and leadership occurred in Magnit. In February the founder sold the vast majority of his stake in the company to a leading Russian state-owned bank called VTB Bank.[7] In May 2018 Magnit hired Olga Naumova as CEO. [8]

References[edit]

  1. ^ a b c d e http://ir.magnit.com/wp-content/uploads/A3-100-4_Magnit_Finansovaya-otchetnost_2016_angl-rub_formatted.pdf.
  2. ^ "A Magnit for investors". 8 June 2013. Retrieved 26 January 2017 – via The Economist. 
  3. ^ "Magnit today - Magnit retail chain". magnit-info.ru. Retrieved 26 January 2017. 
  4. ^ "X5 сдалась «Магниту»". gazeta.ru. Retrieved 26 January 2017. 
  5. ^ Ведомости (14 July 2014). "«Лента» указала X5 на место в рознице". vedomosti.ru. Retrieved 26 January 2017. 
  6. ^ Rennack, Sebastian (24 April 2017). "X5 Widens the Gap with Magnit". Lebensmittel Zeitung. Retrieved 30 June 2018. 
  7. ^ "One of Russia's most successful private entrepreneurs sells–to the state". The Economist. 24 Feb 2018. Retrieved 30 June 2018. 
  8. ^ "Russia's Magnit names former X5's Naumova as executive director". Reuters. 16 May 2018. Retrieved 30 June 2018. 

External links[edit]