Career
Sergey Arutyunian was born on 14 August 1967, in Lazarevskoye, a suburb of Sochi, southern Russia, into an Armenian family. He later adopted his wife"s surname. In 1993, he graduated from the Economics faculty of Kuban State University.
A year later, he founded the company, "Tander", which traded wholesale cosmetics and perfumery.
In 1998, he built the first distribution center, and immediately after a crisis, opened the first grocery store "Magnit" in Krasnodar. In 2000, he switched to retail, and created the largest network by number of stores in Russia.
In 2006, the company conducted its IPO and was valued at $1.9 billion.