Magnit is one of Russia’s leading food retail chains, number one by the amount of stores and geographical coverage.
The company operates in more than 3,700 localities: almost 12 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, 2020, the company had a total of 20,894 stores in 65 regions of Russia. Magnit's cross-format loyalty programme covers over 34 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 38 distribution centers and about 5,200 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 more than 300,000 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. Free-float is 64%, the shares are traded on the Moscow and London Stock Exchanges (LSE: MGNT). According to the unaudited IFRS 16 management accounts results for 1H 2020, Magnit's revenue amounted to RUB 763.4 billion, EBITDA — to RUB 86.9 billion.