Skip to content

Magnit Launches Delivery Service – Shares Fall

Sam Boughedda trader
Updated 23 Mar 2021

Practice Stock Trading Your capital is at risk
Magnit plc logo

Shares of Russian food retailer Magnit PJSC (LON: MGNT) have fallen on Tuesday despite the positive announcement of the launch of its own delivery service from Magnit Cosmetic stores.

The service has already been tested with Magnit Cosmetic stores in Krasnodar, Russia, with deliveries made within 60-90 minutes.

The company now has eight stores connected to the service, and delivery will be expanded to an additional 10 stores soon.

There are up to 10,000 products available to order for delivery, such as household cleaning products, beauty and health products, household goods, decorative cosmetics, and perfumes.

London-listed shares of Magnit are currently down 3.4% at 14.91p.

Magnit price chart

“Express delivery of household cleaning, beauty and health products is a unique service for the market, and I am pleased that we can offer such service to our customers among the first,” said Florian Jansen, Deputy CEO and Executive Director of Magnit Retail Chain.

“Given the pace at which the Magnit Cosmetic format is growing, I am sure that express delivery will be in demand. We are now fine-tuning our operational processes in order to expand drogerie delivery on a wider territory in Krasnodar and other Russian cities,” added Jansen.

Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.