Juul, founded in 2015, has seen a surge in sales in the United States. The company currently accounts for more than 70% of the e-cigarette market, with sales expected to exceed $43 billion by 2022.
Juul is now the world’s fifth most valuable private holding company, valued at about $9 billion more than Airbnb.
On May 24, Juul Labs officially launched its products at GS25 and 7-11 convenience stores in Korea. The price of the product is 39,000 won ($32), about 220 yuan. There are five kinds of cigarette bombs, each set contains four cigarette bombs, and the price is 18,000 won.
So far, Juul has proved popular with Korean consumers, and local media outlets have reported that many stores have sold out of Juul’s electronic cigarette devices within a day of starting sales.
Ken Bishop said: “Our goals in Asia are very consistent with what the company as a whole says. Our mission is to improve the lives of one billion adult smokers worldwide. In order to achieve this mission, the first step is to facilitate these smokers. So we want to buy Juul’s products anywhere we allow tobacco sales.
Ken Bishop said: “We intend to make Juul’s products available to Asian consumers in the medium and long term. Achieving this goal depends on Juul Labs’ability to execute and how regulators treat e-cigarette products. For the rest of the year, we expect to have multiple Asian markets by December.
Obviously, Juul’s entry into the Korean market is already a fact, and Korea has become Juul’s entry into the Asian market. Although Juul’s first step in expanding in Asia has also been hampered, Bishop says it’s all about understanding and abiding by the law.
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