[4] Sergey Arutyunyan was born on 14 August 1969, in Lazarevskoye, a suburb of Sochi, southern Russia, his mother is Russian and his father is Russian-Armenian.

In 1998, he built the first distribution center, and immediately after the 1998 Russian financial crisis, opened the first grocery store "Magnit" in Krasnodar.

[6] In 2017, a large regular park was established around the stadium, later further expanded throughout the following decade to become one of the city's best-known sights.

In 2018, Galitsky sold a 29.1% stake in the Magnit retail chain to Russian bank VTB for 138 billion rubles.

Registered in the Cayman Islands with a value of $213 million at 341 feet, on March 22, it was recorded off the coast of Oman.