[THE INVESTOR] Philip Morris Korea on Oct. 23 unveiled two new versions of its heat-not-burn smoking devices -- IQOS 3 and IQOS 3 Multi.

“Based on customer feedback, we improved features like performance, design and durability,” Philip Morris Korea Managing Director Chong Il-woo said during a press conference in Seoul.

 

Philip Morris Korea Managing Director Chong Il-woo

The company emphasized that IQOS 3 can be charged 40 seconds faster than the previous version, IQOS 2.4+ that took over four minutes to charge.

“We reengineered the pocket charger from scratch,” said Nikolaus Ricketts, director of Reduced Risk Products at the firm.

The company also showcased the IQOS 3 Multi, which allows users to smoke 10 times for 60 minutes consecutively without recharging the device. It is, however, less convenient to use since it is bulkier due to its all-in-one design, which combines both the charger and electronic holder that is separated in the original IQOS device.

The company will start receiving preorders from Nov. 7 and the products will be available at its flagship stores here from Nov. 15. The company also plans to distribute them at local conveniences stores from December.

IQOS 3 and IQOS 3 Multi are priced at 130,000 won (US$115) and 110,000 won, respectively. However, both products are actually available at a discounted price of 99,000 won and 79,000 won for consumers who log on to their website to attain coupons.

During the conference, the company also added that it will continue to encourage current conventional cigarettes smokers to switch to HNB tobacco products, since it believes them to be less harmful. Furthermore, Chung highlighted that the Korean government should help customers to make their own choice by providing clear inspection results. Earlier this month, Philip Morris Korea filed a lawsuit seeking the ministry to disclose detailed information relevant to its recent analysis of HNB cigarettes.

By Song Seung-hyun (ssh@heraldcorp.com)