British tobacco firm Imperial Brands are set to invest a further £100 million in blu.
The amount doubles the tobacco giant’s total investment in the e-cigarette brand, which has gone from strength to strength in the starter kit market following the success of the myblu and bluACE devices.
The FTSE 100 group, which is one of the world’s biggest tobacco companies, reported better-than-expected full-year adjusted profit and revenue results published earlier this week, reaching a net revenue of £30.5 billion ($39.83 billion USD) for the full-year ending September 30.
Speaking to the US television network CNBC, chief executive of Imperial Brands Alison Cooper said:
“We’ve got a fantastic set of assets in the space including the (vaping) brand blu, we’ve got proprietary innovation and leading-edge science, all of these things support a really significant opportunity for Imperial so we are going all-in.”