Russia: Magnit takes controlling stake in Azbuka Vkusa
Magnit, a leading Russian retailer, has announced the acquisition of a controlling stake in Azbuka Vkusa, a premium grocery chain, through its subsidiary AO Tander. Azbuka Vkusa operates 171 stores across multiple formats, primarily in Moscow and Saint Petersburg, alongside an online delivery service and catering business. The acquisition also includes five production facilities, three […]
Russia: Magnit to create new discount supermarket – reports
Russian retailer Magnit is reportedly planning to open a new discount supermarket chain, according to an article on the Kommersant newspaper. Sources close to the retailer reported that the retailer plans to develop a new chain of discounters, a concept that started being planned in 2022, it is expected to be approved in Q1 2023 […]
Russia: Magnit reports 13% increase in revenue for 2016
Leading Russian food retailer has posted a 13.07% increase in annual revenue to 1.07 trillion RUB ($19.0 billion), according to recently published full year results . The retailer’s gross profit increased to 295.76 billion RUB ($5.25 billion), with its margin standing at 27.52%, according to a report in European Supermarket Magazine. The retailer is said to have added a […]