Imperial Tobacco buys Davidoff brand for $693m

LONDON: The British cigarette giant Imperial Tobacco said it had acquired the worldwide Davidoff cigarette trademark from German group Tchibo Holding for e540m ($693m) in cash.

Imperial Tobacco Group has been the long-term licensee of the Davidoff cigarette trademark since the acquisition of cigarette maker Reemtsma in ’02. “Davidoff is our key international strategic premium cigarette brand and an important growth driver for the business,” Imperial Tobacco chief executive Gareth Davis said in a statement on Wednesday. “We have achieved considerable success with Davidoff cigarettes, increasing global volumes in the last four years,” he added.

Davis said the acquisition would provide greater flexibility to develop the brand, enabling Imperial Tobacco to increase investment and accelerate its international growth. — Agencies