26 Apr 2022 14:58

Magnit opening first cosmetics store in Uzbekistan, planning to expand chain

TASHKENT. April 26 (Interfax) - Russian retailer Magnit opened its first store abroad on Tuesday, entering the Uzbek market with a cosmetics store, and is planning to expand the chain.

Russian Industry and Trade Minister Denis Manturov, Uzbek Investments and Foreign Trade Minister Sardor Umurzakov, and Magnit CEO Jan Dunning were present at the opening ceremony for the Magnit store in Tashkent.

"The retail chain will launch several more locations in the near future, where up to 30% of the products on the shelves will be Russian-produced," Manturov said.

The chain in Uzbekistan will be based on the Magnit Cosmetic format, selling "makeup and skincare products, perfumes, household chemicals, personal hygiene products, as well as products for children, home, and pets," Magnit said in a statement.

Dunning told Interfax in February when announcing opening a store in Uzbekistan that the company had assessed the market there as promising, but a decision on further development would be made taking into account the figures for the first store. "This is a country with 40 million shoppers, with a young and very fast-growing population, with high housing density. This is an attractive, fast-growing market, where penetration of modern retail formats is low," he said.