Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Amid U.S. vaping crackdown, Juul enters China with online store openings

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/12/2019 | 10:39pm EDT
FILE PHOTO: A woman smokes a Juul e-cigarette in this posed picture, near Jerusalem

(This September 11 story has been refiled to correct Virginia tobacco is one of the flavours available, not strawberry, in paragraph six.)

Juul, in which tobacco giant Altria Group owns a 35% stake, has been launching its products in international markets such as South Korea, Indonesia and Philippines. It recently raised over $750 million in an expanded funding round.

The U.S. government announced plans on Wednesday to remove all flavoured e-cigarettes from store shelves, as officials warned that sweet flavours had drawn millions of children into nicotine addiction.

The move comes as U.S. health officials are investigating a handful of deaths and potentially hundreds of lung illnesses tied to vaping.

A notice published on Juul's official virtual store on Tmall, an Alibaba e-commerce site, said it had opened on Sept. 9. Juul also had a similar store on JD.com, another major Chinese online retailer.

On Tmall, a Juul device with two flavour pods sells for 299 yuan (about $40). Flavours include mint, mango and Virginia tobacco.

Juul, Tmall and JD.com did not immediately respond to requests for comment on Thursday.

China, which is the world's largest single market for tobacco consumption with over 300 million smokers, represents a market with both opportunity and risk for the company.

It is already home to dozens of Chinese competitors with names such as Relx, Yooz, and SNOW+ that have taken tens of millions of dollars in venture capital funding from high-profile investors. Like Juul, the competitors have adopted the concept of producing discrete devices that vaporise potent nicotine salts.

China's government has perennially launched anti-smoking campaigns in an effort to improve public health. Earlier this year it released a draft document suggesting that China’s laws regulating e-cigarettes will eventually largely resemble those in Europe.

China’s tobacco industry, meanwhile, is tightly controlled by the government-run monopoly China Tobacco, which maintains complete oversight on the sale, production and distribution of tobacco products. Beijing relies on tobacco sales for a sizeable percentage of China’s overall tax revenue.

(Reporting by Josh Horwitz; Editing by Muralikumar Anantharaman)

Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING -4.37% 169.13 Delayed Quote.23.39%
ALTRIA GROUP 0.11% 44.33 Delayed Quote.-10.25%
RELX -1.44% 1713 Delayed Quote.7.61%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.05% 7.0681 Delayed Quote.2.93%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
06:28aTaiwan September export orders fall for eleventh month, rebound seen ahead
RE
06:22aChina seeks $2.4 billion in sanctions against U.S. in Obama-era case - WTO
RE
06:21aCENTRAL BANK OF SRI LANKA : Unauthorized Foreign Exchange Trading
PU
06:18aSingapore gains on industrial, property firms; Thailand falls
RE
06:09aOil prices fall as global demand concerns grow
RE
06:00aBank of Southern California, NA and CalWest Bancorp, the Holding Company for CalWest Bank, Announce Agreement to Merge
SE
05:56aAFL CIO AMERICAN FEDERATION OF LABOR AND CONGRES : These European Corporations Abuse the Rights of Working People in America's Southern States
PU
05:56aNATIONAL BANK OF SERBIA : IMF–WBG Annual Meetings – Serbia Committed to Implementing Reforms and Boosting Economy
PU
05:51aDEUTSCHE BUNDESBANK : Invitation to bid for 6-months Bills of the European Stability Mechanism (ESM)
PU
05:40aEU revises up German 2018 budget surplus, next year's easing seen small
RE
Latest news "Economy & Forex"