Magnit is one of Russia’s leading food retail chains, number one by the amount of stores and geographical coverage.
The company operates in about 4,387 localities: about 18 million customers visit its stores every day. Magnit utilizes a multiformat model, which includes convenience and drogerie stores, supermarkets and pharmacies. As of June 30, 2024, the company had a total of 30,109 stores in 67 regions of Russia. Magnit's cross-format loyalty programme covers 80.5 million people.
Magnit is a unique company for Russian retail. Aside from commodity sale, it operates a private-label food production business. The company manages several plants for growing vegetables and production of dry food and confectionery. Magnit owns greenhouse and mushroom complexes, which are amongst the largest in Russia. Company’s logistics infrastructure includes 47 distribution centers and 6,080 trucks.
Magnit is included in the list of the World’s Largest Public Companies (Global 2000 by Forbes); it tops Forbes’ ranking of Russia’s Largest Private Employers. The company currently employs a total of over 360,000 employees.
Magnit was founded in 1994 in Krasnodar, the Southern region of Russia, as a small regional company. Since then Magnit has evolved into one of the largest companies in Russia. The retailer’s headquarters are still located in Krasnodar. In 2006, the company had its IPO on the London Stock Exchange (the listing was canceled on August 30, 2022). Free-float is 66.8%, the shares are traded on the Moscow Exchange (MOEX: MGNT). According to the pre-IFRS 16 results for 1H 2024, Magnit's revenue amounted to RUB 1,460 billion, EBITDA — to RUB 77 billion.