France's BIC sees high potential in US pot smokers / Photo: © AFP
France's BIC sees high potential in US pot smokers
BIC, the French specialist in disposable pens, razors and lighters, has a plan to spark up its profits in the United States -- turn on more marijuana smokers.
With a recent revival of the iconic "Flick my Bic" advertising slogan from the 1970s, the company wants to introduce its pocket lighters to the growing numbers of American cannabis users.
"I'm from Amsterdam, but I can tell you that marijuana use in the United States is progressing much more quickly than it ever did in the Netherlands," chief executive Rob Versloot told analysts during a strategy update in Paris.
"There's a sizeable market to conquer," said Versloot, who was brought in just over a year ago to turn around BIC's fortunes after years of depressed sales.
While still illegal at the federal level, most states have authorised cannabis use for medical reasons, while over 20 have legalised recreational use of the drug.
BIC smelled an opportunity to recover from decreased tobacco use, enlisting celebrity marijuana fans like Willie Nelson, Snoop Dogg and the chef and lifestyle maven Martha Stewart for cheeky lighter ads.
The company has long focused on big grocery and retail chains in the United States, but officials now see potential in the thousands of smoke shops catering to cannabis users.
The head of its North America operations, Haven Cockerham, estimated "between 15,000 and 20,000" such stores presented "a major opportunity".
Lighters generated around a third of BIC's sales in the first half, which fell 3.5 percent overall to just over one billion euros ($1.2 billion).
(G.Khurtin--DTZ)
Featured