Magnit to invest in Private Label
17.02.2016 453 views
The retailer plans to invest about 52 billion rubles in the private label scheme within 5-6 years – says Magnit owner and CEO Sergey Galitsky to Russia 24 TV channel.
“We plan to invest about 52 billion rubles in our own production in the next five or six years, but we will be adjusting [the budget]”, Galitsky said.
"This year we have allocated not so much, about 5 billion rubles. That was our initial investment in utilities, etc. But the amount will be doubled starting from next year,” he added.
Magnit is Russia's largest food retailer. As of the end of January, the total number of its stores reached 12 153, including 9606 convenience stores, 219 hypermarkets, 154 family stores and 2174 drogeries.
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