BAT backtracks on price hike after sales suffer
British American Tobacco (BAT) will lower the price of its Vogue brand of cigarettes in a bid to combat their recent sharp drop in sales here, local sources said yesterday.The company increased the price of its Vogue and Dunhill cigarettes to 2,700 won ($2.40) per pack last April, but said it will restore their original prices of 2,500 won as of Monday, sources in the tobacco industry said.
BAT’s price hike last year caused its overall sales in Korea to plunge 28.1 percent in the second week of May.
More recently, the domestic market share of its Vogue brand fell to 0.78 percent last month, down from the 1.21 percent tallied in March of last year.
Yonhap
with the Korea JoongAng Daily
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