Sergey Galitsky Net Worth  - Pulptastic

Sergei Galitsky: From Wholesale Cosmetics to Russia’s Biggest Supermarket Chain

Sergei Galitsky is a major Russian businessman with a net worth of $8.1 billion. He founded Tander, a company that traded wholesale cosmetics and perfumery, only a year after graduating from Kuban State University in 1993. Five years later, he formed the first distribution center in Russia, and he was also the one to open the first grocery store in Krasnodar, called “Magnit,” right after the crisis in Russia. The store’s success was mainly because of its slogan “Always Low Prices,” inspired by Wal-Mart’s “Everyday Low Prices.”

By the beginning of the 21st century, Galitsky created the largest retail network in Russia, in terms of the number of stores. He took the company public in April 2006, when it was valued at $1.9 billion. Although he sold an 8% stake of the company, Galitsky still holds a 38% stake, among his other investments in agriculture, development, tourism, and advertising. He recently purchased a business jet and has a yacht under construction.

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