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Thanks to the smooth taste and aroma unique to the brand, Mevius is favored by consumers not only in Japan but also in Taiwan, South Korea, Malaysia, Russia, and many other markets
Yet, looking beyond, even assuming weak growth in NAOR offset by margin strength via warehouse automation, zero NABROW growth in 2024 as a proxy for continued weakness following post-COVID adjustment offset by price/mix, and a close-to stabilization in EUB with increased related investment pressuring segment margins, the next few years could conceivably appear as the following: With an (ideally) conservative hand, the above largely discounts the trajectory of growth enablers, now defined by the company as NGP products, international sales of handmade cigars, and its physical retail footprint, which in total accounted for ~5% of group net sales in 2022 and now represent 8%
These include not buying their own cigarettes, but borrowing them from others
