Thunder is the boss. The real owner of the Magnit chain of stores is L. Putin
According to the positioning of the management chain, Magnit supermarkets represent places of sale of food and non-food products at affordable prices, targeted at the middle income level.
In the grocery retail niche with a similar concept, Pyaterochka from the X5 retail group, which is considered the main competitor of Sergei Galitsky's Magnit, also works.
As of the end of 2013, the network included 8093 retail outlets... Of these, 7,200 are in the “near home” supermarket, 161 “Magnit” hypermarkets, 46 “family” and 686 outlets under the “Magnet Cosmetic” sign. The coverage geography is also quite large - from Pskov in the west of Russia and to Nizhnevartovsk in the east of the country, as well as from northern Arkhangelsk to southern Vladikavkaz.
Who is Sergey Galitsky?
Sergey Nikolaevich was born on August 14, 1967 in the village of Lazarevskoye Krasnodar Territory and before marriage he had a different surname - Harutyunyan.
In addition to Magnit, the businessman also owns the Krasnodar football club. Under the leadership of Sergei Galitsky, he made significant progress, reaching the Premier League in 2011.
An entrepreneur, like a typical Soviet generation, from 1985 to 1987, and then, having already entered the Kuban State University, got a job in one of the Kuban commercial banks. In 1993 Sergey Galitsky graduated from the Faculty of Economics and Planning National economy and received a diploma in finance and credit.
Then the career of a businessman developed very rapidly and already in 1994 he became a deputy bank manager, where he came only in his second year of study.
The company "Tander", which is the manager of the "Magnit" chain, began its existence in 1995, and by 2001, the network of Sergei Galitsky had reached 250 outlets and became the largest in Russia.
According to the magazine "Finance", the personal fortune of Sergei Galitsky in February 2010 was estimated at 2.65 billion US dollars. Then, in 2011, the businessman took 24th place in the Forbes TOP of the 200 richest businessmen in Russia.
Galitsky's company developed very rapidly, and already in 2006, Magnit's shares were listed on the RTS and MICEX. The merits of the businessman were also appreciated by the regional Kuban authorities: in 2011, the Governor of the Krasnodar Territory issued a decree awarding the Hero of Labor of the Kuban to the owner of Magnit.
Currently, the businessman is also building the Krasnodar stadium, which, after completion, will become the largest structure of its kind in the Southern Federal District.
Billionaire from Krasnodar Sergei Galitsky bears the name of his wife, and capital did not earn natural resources, but on food.
Sergey Nikolaevich Harutyunyan (the name of a businessman at birth) was born on August 14, 1967 in the resort village of Lazarevskoye, Krasnodar Territory. Sergei is an Armenian by nationality; he grew up in a middle-class family. As a child, Sergei loved to play the ball in the yard, but at the age of 14 he caught fire with chess. Two years later, he passed the standard and became a candidate for master of sports in chess. Later Galitsky admitted that chess was taught logical thinking and helped in my career.
At school, Sergei studied well, there were no Cs in his certificate, but, as they say, "there were not enough stars from the sky." As a child, the boy already showed a business vein - he collected hazelnuts and handed them over to the market, bringing the money he received to his family. After leaving school, he went to the army, served for two years, and in 1987, after demobilizing, he applied to the Faculty of Economics of the Kuban University. During his studies, Sergei Nikolaevich had to earn money as a loader.
In his third year he wrote an analytical article for the specialized magazine "Finance and Credit". The calculations made by the student amazed the editor of the edition and not only. After the article was published, the head of a commercial bank found the student and invited him for an interview. Sergei was made such an offer, which he could not refuse - the post of deputy manager. From that moment on, Galitsky combined his studies and work at the bank.
In 1993, Sergei Galitsky graduated from the university, worked for another year in a bank and quit his job. on their own... Sergei explained his departure by the futility of the bank's development. Years later, the businessman compared a banking organization with a "change office".
Business
After being fired from the bank, Galitsky decided to take up own business... In 1994, the merchant founded the Transazia company, which was engaged in the supply and sale of cosmetics from Avon, P&G, Johnson & Johnson. Galitsky came up with the idea to start distribution after a conversation with an acquaintance who made money on this business. Sergei Nikolayevich took out a loan for $ 30 thousand, bought goods from Johnson & Johnson and sold it in small wholesale.
A year later, Transazia has already become the exclusive distributor of P&G products in the southern region. But his entrepreneurial flair forced Galitsky to move on. The entrepreneur left the company for partners and plunged into the food business. The take-off period began in the professional biography of a businessman.
In 1995, the businessman established the Tander company, and 3 years later he opened the first Cash & Carry store in Krasnodar. Galitsky did not want to compete with large retailers, so he opened small stores in small towns. A few years later, the businessman united these stores into a single chain "Magnit". The name was born after a competition between top managers of the enterprise. In full, it means "LOW RATE STORES".
In 2001, the chain already consisted of 250 trade enterprises and was considered the largest in Russia. By 2003, Magnit had overtaken the Pyaterochka chain in terms of turnover, which had already reached $ 1.6 billion. Three years later, Magnit shares were listed on the RTS and MICEX stock exchanges. At that time, 58% of the chain store's securities were concentrated in the hands of Sergei Galitsky, 15% belonged to co-owner Alexei Bogachev, 8% to top managers, and 19% to investors.
In 2007, the first Magnit hypermarkets were opened. From the same year, Galitsky took over as CEO of a chain store. 5 years later, the Magnit retail chain already had 998 grocery and 469 cosmetic stores. In 2012, Sergei Galitsky expanded his business to include the Rouge perfumery and cosmetics chain. And already next year, Magnit became the absolute leader in Russia in the grocery segment.
In 2017, the market value of the enterprise was $ 15.6 billion, which allowed Magnit to take 8th place in the list of the most profitable enterprises in the country after oil, gas companies and Sberbank. Also, the brainchild of Galitsky was included in the top 100 innovative projects according to the Forbes publication. Among the Russian intellectual companies "Magnit" ranks third.
In addition to the grocery business, which includes a chain of stores and factories for the production of food products, OOO TD-holding, OOO Optiline, Sergei Nikolaevich opened a PR agency Art Side, RK Kvartal, a hotel and restaurants. Since 2015, he has been a member of the Supervisory Board of VTB Bank.
In early 2015, the businessman sold 1% of the shares in Magnit. The deal amounted to almost 10 billion rubles. The purpose of the sale is to raise funds to finance personal projects. Today, Galitsky's grocery and cosmetic empire includes almost 14.5 thousand stores, of which almost 2.4 thousand were opened by the businessman in 2015.
Sergei Nikolaevich is uncompromising if they try to impose the rules of the game on him. He had several conflicts with suppliers, the reason for which was the businessman's intention to reduce the range. In 2005, the Mars brand offered the businessman conditions that did not suit the businessman. Then Galitsky completely removed the products of this company from the assortment, instead of which he offered customers analogs of his own brands.
Sergey Galitsky is the owner of FC Krasnodar. In 2008, the merchant acquired a supernumerary club. The businessman has built a stadium, which is popularly called the "Krasnodar Coliseum" or "Galizey", a children's football academy in Krasnodar. Sergei does not consider the club a business project, rather, it is an activity for the soul. Galitsky annually invests $ 40 million in the development of the team, and another $ 3 million to finance the football academy, where future champions are raised.
In 2011 Krasnodar officially entered the Premier League of Russian football clubs. Sergei Galitskiy has established a personal prize for the football players: the entrepreneur is presenting a commemorative Rolex watch to the athletes who have played 100 matches for the Krasnodar club.
Personal life
Sergei met his future wife Victoria Galitskaya at the university. The girl studied to be an accountant. When the young people got married, it is not known for sure - the businessman does not like to talk about family and personal life.
After the wedding, Sergei took his wife's surname. The journalists wrote that the father-in-law insisted on this, saying that the daughter and grandchildren would not bear the Armenian surname. According to another version, the Galitsky surname is well-known, princely. Be that as it may, but Sergei Nikolaevich officially became Galitsky.
On November 2, 1995, the Galitsky family had a daughter, Polina. The wife is not working now - there is no need for that. The daughter followed in the footsteps of her parents and also entered the Kuban State University at the Faculty of Economics. In 2017, Polina was included in the list of the richest heirs of the Russian oligarchic elite, having received the fifth place in the rating of the "golden youth".
Since 2011, the entrepreneur has been running his own microblog in “
Since 2018, the Magnit network has been developed by a new owner - it became known that since February, Khachatur Pombukhchan, previously known as the chairman of the board of directors, was the CEO. After Sergei Galitsky announced the sale of his own stake, Pombukhchan bought back the shares on the stock exchange for $ 1,000,000 (57.2 million rubles). According to news portals, the entrepreneur became the owner of 12,500 new shares in the Magnit trading network.
After the former owner of "Magnit" Galitsky had 3% in the total share, he resigned, although today he still owns the business as a co-owner. In order to buy out the stake, Pombukhchan needed to carry out about 300 transactions, the largest of which was the purchase of 1,000 shares, and the rest of the acquisitions were carried out gradually and in small parts.
Several years earlier, Pombukhchan owned shares in Magnit. And the fact that his appointment as CEO is quite realistic, most experts did not suspect. Moreover, he periodically reduced the share of shares down to 0.002%.
Who became the new CEO
Until 2018, Olga Naumova held the post of head of the Pyaterochka retail chain. Currently, she replaced Pombukhchan as a leader, who unexpectedly decided to resign of his own free will. Olga took office on June 22, signing a contract for 3 years.
Olga's higher education in marketing, supported by courses at Columbia University and the French institute INSTEAD. Also new general manager Magnita has extensive experience working on leadership positions, including in companies involved in the sale and marketing of products. In an interview with the media, Olga noted that she would help further development stores, improving the quality of work.
How it all began
In July 1995, Sergei Galitsky, together with his partner Alexei Bogachev, who specializes in the wholesale supply of perfumery products. Three years later, the first store appears in Krasnodar. As sales volumes increase, Galitsky opens similar supermarkets in other cities of Russia, mainly operating in the southern part of the country.
Affordable prices and the location of stores in convenient locations are noted as indisputable advantages, which allows people to purchase groceries near their homes.
At the beginning of the 2000s. all the shops owned by Galitsky merged into a single network. In 2003, he registers an OJSC, and in 2006 he sells part of the shares, using the proceeds to build hypermarkets. So, in 2010, the Magnit-Cosmetics chain began to operate, where the brand's own brands are presented.
How are things now?
The Magnit retail chain is one of the largest not only in Russia, but also in Europe. In 2018, there were 16,000 retail outlets, of which:
- 350 - shops;
- 243 - hypermarkets.
Most supermarkets are located in Yuzhny, Central, Privolzhsky and North Caucasian District... According to the rating of experts from InfoLine-Analytica, Magnit is in first place in the list of Russian representative offices. He also holds the 7th position in the ranking of companies with the highest revenue.
Today, this particular network provides about 25% of the proceeds from all retail sales in the Russian Federation. annually amounts to 1 trillion 74 billion rubles. The number of network employees is 289 thousand 366 people.
Recently, the founder of the Magnit trading network, Sergei Galitsky, announced the sale of almost all of his stake to VTB Group. The news came as a shock to the market and triggered another collapse in the retailer's shares. The deal raised a lot of questions, to which no one has yet answered. The most important of them are: why did the businessman sell the company he had been doing for a quarter of a century, and was he not asked to do it?
Once - and bought
The sale of "Magnit" undoubtedly became the main event in the Russian economy and business for recent times... Moreover, it claims to be "Deal of the Year". It all happened very unexpectedly. Investment Forum in Sochi, earlier in the morning. "Magnet", Post office and VTB sign a cooperation agreement. Suddenly, the founder and until the last moment the main owner of the Magnit retail chain Sergey Galitsky announces that it is selling its VTB shares... The businessman was clearly worried. “Bring some water,” he asks his assistant, and constantly brings his hands to his eyes. And next to him is the head of VTB, Andrei Kostin, and from his face one can make the assumption that he is quite satisfied with his life. We do not know why Kostin had such an expression at that moment. Maybe he remembered something pleasant from life. Or maybe he just had an excellent breakfast in a Sochi restaurant. After all, bankers are also real people.
But we admit that Andrei Leonidovich was simply pleased because he made a brilliant deal. VTB's stake is slightly less than 30%, Galitsky has about 3%. This is important, because if the bank acquired 30%, then by law it would have to make a mandatory offer to minority shareholders. And if they wanted to sell their shares, the new owner of Magnit would be obliged to buy them from them, spending a lot of money on it. But VTB made a cunning move, which made the Minors extremely upset. The problems of small shareholders are, of course, also important, but let's leave them aside for now. Much more important is something else: what could have happened that Sergei Galitsky so suddenly parted with the case to which he devoted a quarter of a century?
He's tired and he's leaving
Sergei Galitsky himself explained his decision, including by fatigue. He is already 50 years old, he can no longer engage in retail, especially last years he not only owned shares, but also fully managed the company. This explanation could be satisfied if you did not know that the businessman is by nature a workaholic. 50 years for an entrepreneur of his level is not age at all. Take for example Oleg Deripaska... In early January, he also celebrated his half-century anniversary, and is clearly not going to leave the business. However, all people are different, everyone has different capabilities and reserves. vitality... The media immediately recalled last year's statement by Galitsky. Speaking at the Skolkovo business school, he said that once he went to bed only to wake up as soon as possible and again do what he loved. And now he falls asleep only with sleeping pills, because he has many problems. Perhaps in this statement, which then passed not particularly noticed, one should look for a clue? Sleeping pills really come in handy if a person has a very large mental load. However, big businessmen are no strangers to this. Why did Galitsky need the medicine? Perhaps someone persistently asked him to sell his brainchild? And here is another important statement by the businessman, which he made when announcing the deal. According to the entrepreneur, he had disagreements with investors who see the future of the company differently. Sergei Nikolaevich did not explain anything more. But a legitimate question arises: what kind of investors are these who are able to change the shareholder and CEO?
Final fall
It would be understandable if Magnit had a lot of debts. Then the main creditor has the right to demand from the debtor to comply with his recommendations, because by borrowing a large amount, he practically turns into an owner. But with this, Sergei Galitsky was all right, the company's debt burden is quite comfortable. However, recently the chain has had difficult times, according to the results of the last year the profit decreased. But, excuse me, it did not fall to zero: in 2017, the grocery retailer earned more than 30 billion rubles. Of course, this is worse than 50 billion, as it was the year before last, but not fatal, you can live. However, due to not the best financial results shares of the company fell sharply. The collapse began in the fall, and since then, the papers of "Magnet" have fallen in price by more than half. That is why rumors are now circulating that if the businessman had not sold his stake, that after some time he would have fallen in price even more, so it was better to give than wait and watch your fortune melt away.
And this is also a mysterious part of the story. Why would the company's shares have fallen in price so much? No catastrophe happened, especially since the profit fell, as explained in the management of the grocery chain, due to the fact that the company invested in the renovation of its stores. "Magnet" has been growing rapidly in recent years, and clearly did not intend to stop halfway. The Russian stock exchange, unlike the western platforms, is a young institution; our trading volumes are not very large. And this opens up scope for "bullish" or "bearish" activity. There is an article for market manipulation in our Criminal Code, but it is practically not applied. Let us recall how several years ago the shares of VTB itself were inexplicably growing. Then it turned out that they took off so fantastically just by the moment when Suleiman Kerimov took his package. But the financial regulator did not find any manipulation. Again, we will not undertake to assert, but the assumption that someone could be very beneficial to the drop in quotations of "Magnet" has a right to exist.
And we are happy!
Remember we mentioned the face Andrey Kostin... How can you be unhappy when you buy shares of a successful company at the bottom of their price. Sergei Galitsky sold his stake for 138 billion rubles. But that's not just 29%. It's practically control. The rest of Magnit's shares are in free circulation on the stock exchange, which means that no one else has such a large block of shares. It, as the businessman himself spoke about, is very difficult to collect. Usually, when buying control, the seller is entitled to a premium, because he sells not only the shares, but also the right to complete control of the company. But the businessman, for reasons unknown to the public, gave his share not only without a premium, but even with a 4% discount. He doesn't seem to look like a crazy person who is ready to give such a discount. Is it really that tired?
And here is another curious detail. Back in 2014, one of the Russian experts said in the comments that VTB might be interested in doing business with Magnit. At least, foreign funds that own small stakes in the company think so. This means that not everything happened so quickly, and the state bank could have been looking for approaches to the retailer for a long time. By the way, at the end of last year, "Magnit" carried out a secondary placement of shares, Galitsky reduced his stake by 7.5%, and investors gladly provided him with more than $ 700 million. This money should have gone not into Galitsky's pocket, but for the development of the network. But, in fact, now they went to VTB, which, as the main shareholder, will manage the company's funds. And the new CEO has already announced that Magnit will abandon its expansion policy and will simply grow organically.
Life after Galitsky
By the way, small shareholders reacted to the deal. One of the foundations called it a "spit in the face" and said that the state bank had behaved ugly. And, by the way, minority shareholders, including large foreign funds, invested in Magnit because they believed in its founder and director, and all the retailer's successes were associated with the figure of Sergei Galitsky. And this somewhat disavows the businessman's statement about the contradictions with investors. It remains to be hoped that someday he will tell at least part of the truth about this deal, and we will learn something new from the life of Russian business. However, if this happens, there will be only details. We do not learn anything ideologically and systemically new, everything, in general, is roughly understandable.
But what will happen to "Magnet" further is not so interesting. True, Deputy Finance Minister Sergei Storchak immediately said that for VTB this is a portfolio investment, and the bank is likely to sell the retailer's shares. The official rightly drew attention to the fact that Magnit was bought not directly by VTB, but by its banking group. In general, it is surprising that Storchak undertook to comment on this topic, he is more concerned with the placement of government bonds, and this is what he is doing in the ministry. But Sergei Anatolyevich is well versed in Russian realities, almost a year in the SIZO helped him a lot with this.
In the meantime, VTB is sharing its plans to create a unified platform, where the logistics capabilities of Magnit and Russian Post will play an important role. And the post office will start delivering products to customers from the stores of the retail chain. What a pretty picture looms: advanced pensioners order a cheap sour cream product and potatoes via the Internet, and a smiling postman brings all this to the apartment. Perhaps this picture was also presented to the agitated Sergei Galitsky when he publicly parted with his business.
Huge hypermarkets or smaller supermarkets with a red sign at the Magnit entrance can be found in virtually any region of Russia. Previously, only residents of the Krasnodar Territory and vacationers who came to the Black Sea resorts from all over the country knew this trade brand of a large retailer. For brand soon the borders of one, albeit a large region, became cramped, and he spread his network far from Krasnodar and Sochi. Today "Magnet" is one of rare cases in domestic business, when a trading network was founded by a Russian citizen. For many years, the chain has withstood fierce competition with other chain hypermarkets, whose real owners are located abroad and have long since gotten their hands on trade in discounters.
Actually, "Magnet" is just a sign. The real name of the company is "Tander", and the real name of its founder is Harutyunyan. The businessman decided to change the entry in his passport, taking advantage of the opportunity. He took his wife's surname when registering a marriage at the registry office. Perhaps not quite the usual rebranding of the surname went to the good of the case. Sergei Harutyunyan-Galitsky was born in 1967 in the resort suburb of Greater Sochi, the village of Lazarevskoye. He first started doing business in the regional capital Krasnodar, where he studied at the university. What cannot be taken away from the Armenians is the business acumen and the ability to “turn on the head” while developing the business.
While still a student, Sergey worked part-time in several commercial banks, and then decided to try his hand at trading. He and his friends founded the distribution company Transazia, which was engaged in the distribution of products of major cosmetics and hygiene products Avon, Johnson & Johnson, Procter & Gamble. A year later, he got the idea to start a form of trade organization that was promising for Russia, as it seemed to him then. It was 1995. V retail shops, street markets, small otdelniki in the entrances of residential buildings flourished, but Galitsky felt that their time was irretrievably running out. The civilized development of the market will inevitably swallow them up or ruin them.
In 1995, he single-handedly founded the Tander company, and after another 5 years, having saved up money, he embarked on a global project, which eventually brought him fame and not a small fortune. Galitsky's key concept was the word “discounter”, unknown in Russia at that time. The chain of stores "Magnit" clearly showed the Russians what it really is.
Network Magnet
Galitsky carried out the transformations at a truly revolutionary pace. In 2001, its network consisted of 250 stores. In 2006, the main beneficiary of the Tander company placed at once on 2 Russian RTS stock exchanges and the MICEX shares of the company. For a 19% stake in the business, he received $ 368 million. Until now, Galitsky is considered the main owner of the Magnit network. He has 41% of the shares, that is, more than a controlling stake. Of these, he owns 5.33% through the offshore company Lavreno Ltd.
The co-owners of Magnit also included Vladimir Gordeychuk with a modest 2.92% and Alexey Bogachev with 2.6% held on the account of his offshore Labini Investments Ltd. The remaining 47.37% of the shares are in free float, constantly flowing from hand to hand. In 2016, the all-knowing Forbes estimated the fortune of Sergei Galitsky at $ 5.7 billion.However, two years before that, the size of the capital indicated in the list of billionaires was much more significant - $ 10.3 billion.
Recent years have not been successful for the Magnit chain and its owner. The second half of 2017 turned out to be especially terrible. As soon as the company "Tander" announced the deplorable results of work in the third quarter, there was a collapse of the company's quotations on the stock exchange. In just one "rainy" day on October 20, 2017, the value of shares fell by 12%. For Sergei Galitsky, this meant that in a few hours he became poorer by $ 606 million.
Of course, you can blame your numerous competitors for everything that happened, the first ranks of which are headed by X5 Retail Group and the OKEY supermarket chain. In the recent history of "Magnet" there was something similar. Ten years ago, according to the results of 2007, "Magnit" made a profit of 53% less than in the previous period. Then everything was clear. For a number of reasons, the company was forced to temporarily increase its management costs. This was not the case in 2017. Dark clouds began to hang over all the "Magnets" long before the "black" day.
Since 2008, the owner of the retail chain had to devote less time to his brainchild. New worries have been added. Obeying the fashion that suddenly swept all Russian oligarchs, he acquired his own football club. It was Krasnodar “Kuban”, whose president is Sergei Galitsky. In 2011, Kuban entered the Premier League to the delight of local fans. The worries from the sporting victory only increased. At the same time, I had to deal with the expensive construction of a new stadium for the football team.
The chain continued to expand across the country, but time after time found itself in the center of minor scandals that cast a shadow on it and began to form negative consumer opinion about it. In 2012, in the city of Engels, Saratov Region, the administration of the regional distribution center "Tandera" closed the trade union organization and dismissed the entire leadership of the trade union committee. The prosecutor's office and the court were forced to intervene in establishing justice. The administration of the organization was charged with a rare in Russia article of the Criminal Code "On discrimination of citizens depending on their affiliation with a public association." The noise was all over the country. Galitsky, instead of intervening and with his power to suppress lawlessness in the bud, reacted very nervously not only to criticism in the press, but also to any further mention of those events.
In 2015, in Kronstadt "Magnet" grandmother died of a heart attack, suspected by store guards of stealing several packs butter... "Magnet" and its owner were rinsed for a long time on all television screens. In the Sverdlovsk region, local authorities for a short time were forced to ban the sale of alcohol in all stores of the chain. The local management of Tander did not bother in time to renew the license to trade this product. Officials, however, were themselves frightened by the ban they had announced and canceled the previous restriction literally in a day.
Blockade woman Rauza Galimova at the supermarket checkout on the day of her death
In the Arkhangelsk region, where "Magnets" in recent years have filled all big cities, for a long time and painfully they evicted the store from the residential "Khrushchev", not adapted for functioning commercial enterprise, and accused the company of forgery ─ a spread was sold to buyers under the guise of butter. Throughout the country, cases of widespread overpricing and serious deviations from technical regulations and norms have become a system.
Tightening for staff
Sergei Galitsky reacted to the unfavorable changes in the performance results in a peculiar way, borrowed from the times of wild capitalism. He stepped up the exploitation of store personnel. Many employees of "Magnit" say that they are in the position of powerless slaves. This explains the persecution of the representative body of the labor collective in Engels. The attitude of managers to sellers can be defined by the expression "there are many slaves in Russia, others will come in your place."
Gigantic overworking of working hours, work on weekends and holidays complemented the requirements to resignedly participate in the "folding" of expired or spoiled goods. Galitsky was the first in Russia to think of a new move that would further enslave the employees of a trading enterprise. He set out to become the owner of a pension fund, into which all workers can be driven by order and their pension savings can be manipulated. Given this goal, the name of the foundation sounded very derisive ─ Christian Pension Fund"Virtue".
The main exploiter, the owner of Tander, Sergei Galitsky, turned out to be not so strict and principled towards people who posted his photo in 2011 on the election poster of United Russia. The businessman immediately disowned an inconvenient party affiliation. The inconvenience was that for the first time since the parliamentary elections, a wave of indignation swept across Russia at the rigging of their results in favor of the ruling party. Party image-makers used the photogenicity of the owner of "Magnet". Galitsky's partner on the banners was the ex-governor of the region Nikolai Kondratenko, known to the population as "daddy Kondrat", remembered for his negative attitude towards any "foreigners".
Galitsky did not give his consent to use his photo, however, he did not demand material compensation in court. Experts unanimously predict difficult times for Magnit. The discounter chain consistently demonstrates low adaptability to the changed macroeconomic realities. Sergei Galitsky in November last year, seeking to change the vector of the company's movement, lent it 44 billion rubles from his personal wallet. He is confident in his abilities and is not going to sell his brainchild yet.
