The founder of Magnit – a departure

Publication

19 March 2018 à 12h38

Updated on 10 May 2019 à 17h15

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1 minute

Publication: 19 March 2018 à 12h38, Updated on 10 May 2019 à 17h15

Reading time: 1 minute

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Publication

19 March 2018 à 12h38

Updated on 10 May 2019 à 17h15

Reading time

1 minute

Publication: 19 March 2018 à 12h38, Updated on 10 May 2019 à 17h15

Reading time: 1 minute

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Sergey Galitskiy, C.E.O. of Magnit – Russia’s 2nd largest grocery retailer after X5 – has stepped down and sold his 29.1% stake to the Russian state-owned bank VTB Group for a €2 billion. Mr Galitskiy has been reducing his holding in recent years and now retains 3%. Created in 1998 in Krasnodar, 1,300 kilometres south of Moscow, Magnit grew into a retail empire of €16.5 billion in sales in 2017 via 16,350 stores but struggled to catch up with the rapid expansion of its rival X5. Mea

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