Russian retailer Magnit makes new investments
Russia’s largest retailer Magnit has earmarked €735 million for investment in the construction of a new complex in Krasnodar in southern European Russia, where it will produce pasta, semi-finished products, bakery products, juices, baby food, preserves, cold cuts and cheeses.
From 2018 onwards, the development also includes the construction of a second crop storage facility. The owner of some 15,000 stores across the country, the group has also announced that it has entered into negotiations for the acquisition of the company ETK, which operates in Siberia with 153 discount stores and three hypermarkets with a total retail space of more than 62,000 m2.
In the first 9 months of 2017, Magnit reported 6.4% year-on-year growth in sales corresponding to revenues of €12.3 billion.
