Russia's leading grocery chain by sales, Magnit, is growing rapidly in one of the world's largest emerging markets.

The retail chain was founded 1994 by Russian billionaire Sergey Galitsky, who has been compared to Wal-Mart (WMT, Fortune 500) founder Sam Walton.

Magnit operates more than 5,700 convenience stores and hypermarkets in over 1,500 locations in Russia. Profits surged 140% in the first half of 2012 to $339.9 million on sales of $6.7 billion.

The company has plans to spend up to $1.4 billion this year to open another 850 outlets.

Source: Getty
  @CNNMoneyInvest - Last updated October 25 2012 05:43 AM ET
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