Korea Philip Morris expanded its smoke-free product portfolio by launching the liquid-type e-cigarette brand "Veev." This follows the heated tobacco product "IQOS," marking the introduction of a liquid-type product.
Korea Philip Morris held a press briefing at the IQOS Store Garosu-gil in Gangnam-gu, Seoul, on the 20th and stated accordingly. Philip Morris International (PMI) is targeting more than two-thirds of total net revenue from smoke-free products by 2030 and aims to lift the smoke-free revenue share to over 50% in about 60 markets. Smoke-free products are currently sold in 109 markets worldwide, and as of the second quarter of this year, the smoke-free business accounts for 42% of total net revenue.
Kim Gibaek, senior manager for new products at Korea Philip Morris, said the Veev launch is intended to expand the domestic smoke-free lineup while setting a new standard in the liquid-type e-cigarette market. Veev is designed so users cannot directly fill or modify the liquid, which the company said improves consistency in the usage environment.
The company said the induction method minimizes contact between the liquid and the heating element to heat the liquid more evenly and provide a consistent user experience from start to finish. It also features a vibration alert before the liquid runs out and functions that notify inhalation and charging status via vibration. The dedicated pods, "Veev Inprime," will launch in five varieties: Blue Fresh, Purple Wave, Red Wave, Garden Wave, and Sun Wave.
Kim Taehyung, executive director overseeing consumer experience at Korea Philip Morris, addressed differences from competing products during the Q&A, saying, "The strengths are the induction heating method, the low-liquid detection system, and a closed-pod system using verified ingredients," and added, "We plan to continue expanding the portfolio while watching market response."
Kim said, "The company's goal is to offer adult smokers a wider range of smoke-free options," adding, "We do not encourage non-smokers to smoke, and the company's direction is to help adult smokers who continue to smoke switch to smoke-free products."