Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
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.
“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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .