UK retail publication Grocery Trader has published a viewpoint article from Tolga Kilic, Commercial Director for BAT UK & Ireland, discussing the impact of illicit nicotine products on legitimate retail channels. Kilic said illegal vapes and other illicit nicotine products create competitive pressure for compliant retailers and called for stronger market controls and supply-chain oversight. The comments come as the UK advances policies including the disposable vape ban and Vaping Products Duty, creating a more complex operating environment for legal vape retailers.

Kumulus Vape, Europe’s first publicly listed vape company, reported a 7.8% year-on-year decline in first-half 2026 revenue. Amid changing conditions in France’s vape market, the company said channel diversification helped offset pressure, with physical store sales increasing 41.5% year on year. Listed on Euronext Access Paris in 2019 and later transferred to Euronext Growth Paris, Kumulus Vape is viewed as a representative company of Europe’s vape sector. Its performance highlights the industry’s shift from rapid expansion toward more operationally focused growth.

Nasdaq-listed vape company iSpire Technology has restructured its leadership team, with Tuanfang Liu becoming the company’s sole chief executive officer (CEO) and Michael Wang appointed CEO of Aspire North America. The move ends iSpire’s previous co-CEO structure and creates clearer responsibilities between group strategy and regional execution. Separately, BTIG initiated coverage on iSpire Technology with a Buy rating and a $3.50 price target, identifying ODM growth opportunities as a key investment factor.

Philip Morris International’s second-quarter earnings call offered new detail on its smoke-free strategy. Management said it would increase U.S. investment behind nicotine pouch brand ZYN, keep IQOS focused on volume before stronger pricing, and use SENTIA, DELIA, LEVIA, VEEV and ZYN to manage tax and regulatory pressure across Japan and Europe. Analysts from Goldman Sachs, Morgan Stanley, UBS and other firms also pressed PMI on profitability, market share, cigarette resilience and the durability of its global transformation over coming quarters.

According to French anti-tobacco group Générations Sans Tabac, Philip Morris International’s (PMI) IQOS “Curiosity” campaign has drawn attention from public health advocates. The group argues that the campaign uses themes including curiosity, exploration and lifestyle branding that could increase interest among younger audiences. PMI has positioned IQOS as a key part of its smoke-free product strategy, while France maintains strict restrictions on tobacco and nicotine product marketing. The debate highlights ongoing tensions between heated tobacco branding strategies and public health concerns in Europe.