Phimo International's South Korean subsidiary has reignited competition in the domestic electronic cigarette market with the release of their next generation electronic cigarette device. With the launch of this new product, Phimo International's South Korean subsidiary hopes to reclaim the top spot in the Korean market, once again competing with KT&G for the highest market share.
On the morning of the 25th, Philip Morris International's Korean company held a press conference at Lotte Hotel in Sogong-dong, Seoul to announce the official launch of their new product series, "IQOS ILUMA," in South Korea.
Yachek Olzac, CEO of Philip Morris' international South Korean company, stated, "By expanding its product portfolio through the release of multiple generations of IQOS, Philip Morris continues to innovate and pursue its vision of a smoke-free future. The launch of the IQOS Illuma series offers adult smokers a better choice and a game-changing opportunity to accelerate their transition from conventional smoking," he said.
With the release of new products, the focus is on whether Philip Morris Korea will regain its position as the leader in the domestic electronic cigarette market. Since the launch of IQOS in 2017, Philip Morris Korea has maintained its leading position in the domestic electronic cigarette market for about five years. However, in the first quarter of this year, KT&G's release of "Reel Solid 2.0" resulted in their taking the top market share position, with the gap widening in the second quarter. Just as Philip Morris Korea is set to launch new products to shake up the market, KT&G also plans to release new products on September 9 to solidify their position. Therefore, competition in the electronic cigarette market is expected to intensify by the end of the year.
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