On March 12, 2025, the Russian retail giant Magnit announced the appointment of Sergey Irzhavsky as the new General Director of M Cosmetic, Uzbekistan's largest drugstore retail chain. This decision is seen as pivotal for the future growth strategy of M Cosmetic, which has quickly established itself since its inception.
Irzhavsky brings over 20 years of experience to his new role, having spent significant years at Magnit itself from 2004 to 2018. During his tenure, he held various leadership positions, including Director of Sales for the Magnit Cosmetic division, which is renowned as the leading chain of drugstore retail in Russia. His comprehensive background allows him to leverage deep insights and expertise as he focuses on M Cosmetic's growth.
"I am excited to return to the Magnit team and take on new ambitious challenges. M Cosmetic is a young business which has managed to gain leadership positions within a short time. At present, it is the largest network of drugstore formats for beauty, home, and family needs within walking distance across Uzbekistan. The retail market here still remains quite fragmented, with substantial portions occupied by unorganized retail. This indicates high potential for dynamic growth for M Cosmetic," said Irzhavsky.
Under Irzhavsky's leadership, M Cosmetic aims to strengthen its market position, enlarge its geographic footprint, and develop its product offerings. The expansion has been swift since the first M Cosmetic store opened its doors in April 2022. The brand has already grown to encompass over 120 stores across major Uzbek cities including Tashkent, Samarkand, and Andijan.
The product assortment at M Cosmetic is impressive, featuring more than 8,000 items across various non-food categories. These range from care and decorative cosmetics, household chemicals, children’s goods, pharmacy products, and snacks to pet supplies.
Denis Kosachenko, the former General Director of M Cosmetic, has decided to pursue career opportunities beyond the Magnit group. Under Kosachenko's leadership, M Cosmetic has expanded its store count by 50% within the last year alone.
M Cosmetic, with its modern store concept based on the successful model of Magnit Cosmetic from Russia, has quickly adapted and responded to the local market dynamics and consumer needs. The network is committed to enhancing service quality and product selection, ensuring it meets the demands of its growing customer base.
Extensive research indicates the retail market scenario in Uzbekistan remains diverse and rapidly changing. Irzhavsky’s strategy will not only involve extensive geographic development but also the optimization of business effectiveness, allowing M Cosmetic to propose quality customer experiences at premium levels.
With strong corporate objectives focused on expansion and performance enhancement, the groundwork has been laid for M Cosmetic to thrive as it establishes itself firmly within Uzbekistan’s competitive sociocultural framework. Already designated the biggest player in the drugstore format, M Cosmetic stands prepared to lead revolutionized retail practices across the nation.
The impact of local consumer preferences and increasing demands for shopping convenience is also significant as M Cosmetic navigates rural and urban engagements, ensuring access to its products for customers.
The company's vision, informed by Irzhavsky's extensive experience and leadership qualities, reflects eagerness to capture opportunities amid challenges. This transition complements the broader aspirations of Magnit as it seeks to augment its footprint and solidify its market position not just within Russia, but increasingly, across Central Asia.
Industry trends suggest the momentum gained within the drugstore sector will be pivotal as increasing awareness of self-care, health, and wellness continues to drive consumer behavior. M Cosmetic stands at the forefront, ready to cater to these burgeoning demands.
Looking forward, stakeholders are optimistic about the innovative developments and potential market strategies M Cosmetic would adopt under Irzhavsky’s stewardship, aiming to reshape the retail environment for drugstore goods comprehensively.