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Philip Morris Grabs 6,8% Mkt Share in Bulgaria, Launches New Brand
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Tobacco giant Philip Morris International grabbed 6,8% of the Bulgarian cigarettes market in the first year since re-entering, the company said on Thursday.
The figure is less than half the company's global market share, 15,4%, the general manager of Philip Morris Bulgaria, Adrian Vasilescu, told reporters.
"Bulgaria is a small country, but with a huge potential for growth," managing director Richard Morgan said.
To further expand its reach, the company officially launched its Bond Street brand, which will target the low end of the market with a price of BGN 2.
It will compete with Bulgarian brands, produced by state monopoly Bulgartabac, which are in the BGN 2-3 price range.
Asked whether Philip Morris would be interested in acquiring Bulgartabac if it were put up for sale, Morgan evaded a direct answer, saying that the company is always on the lookout for opportunities to grow.
Bond Street and Marlboro Silver, which will officially go on sale next week, will expand the company's current portfolio, which includes Marlboro Red and Gold, Parliament, L&M and Assos.
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