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 4,218 localities: over 16 million customers visit its stores every day. Magnit utilizes a multiformat model, which includes convenience and drogerie stores, supermarkets and pharmacies. As of September 30, 2023, the company had a total of 28,707 stores in 67 regions of Russia. Magnit's cross-format loyalty programme covers over 74 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 45 distribution centers and 5,422 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 about 348,000 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 IAS 17 results for 9M 2023, Magnit's revenue amounted to RUB 1,858 billion, EBITDA — to RUB 124 billion.