Sergey Galitsky: Founder and Owner of the 'Magnit' Discount Chain2 photos

Sergey Galitsky is the founder and owner of the ‘Magnit’ discount chain, which was established in Krasnodar. In 1994, he co-founded the company ‘Transasia’, which dealt in the distribution of Avon, Johnson & Johnson, and Procter & Gamble cosmetics and perfumes.

Galitsky is known for his extraordinary energy and unconventional approach to issues. He often criticizes government policies and oligarchs who have damaged the reputation of entrepreneurs. He also dislikes foolish traditions, such as compliments in restaurants. He is very lenient with his top managers—once, for example, he refused to sign a resignation letter submitted by one of them because they had spent tens of thousands of dollars on wrong materials for the flooring of a distribution center under Krasnodar and had to spend just as much again to replace it. Instead, he gave them shares in ‘Magnit’—just like he did for nine other top managers who have been with him since the company’s founding.

In one interview, he explained, “Without these people, I wouldn’t have been able to build this company. They dedicated ten of their best years to ‘Tander.’ They worked day and night without pause.”