British American Tobacco is writing down the value of its brands, including Camel and Lucky Strike, by £25 billion ($31.5 billion) due to a slowing economy and a shift towards vaping. The decision is linked to an overpayment for Reynolds American in a $49 billion deal in 2017, making it the world’s largest publicly traded tobacco business. The company’s sales in the United States have declined, attributed to economic pressures and a move toward cheaper brands and “illicit” vapes, prompting British American Tobacco to focus on vapes and other non-combustible products for future growth, anticipating half its sales from these categories by 2035.
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