What Carnault does

Carnault is a Swiss luxury maison that designs and sells modular electronic cigarettes positioned as premium smoke-free alternatives to traditional tobacco products. Founded in Zurich in 2016, the company manufactures devices in the form and size of a traditional cigarette (98.4mm x 8.4mm) with wooden housings — Oak, Leadwood, Yew Burl, Ilex, Grenadilla, Birch Burl — paired with vegetable-tanned leather charging cases produced by master leatherworkers in Ubrique, Spain, and aromatic bases developed with the 175-year-old perfumery house Robertet in Grasse. The company has secured 5 European patents (2024) and filed in CH, UK, EU, US, CN, JP, with proprietary technology including a 0657-format battery, ultra-miniaturized control electronics that won a PCB Design Award, modular repairable architecture, child-proof double-puff activation, and T-MAX technology that reduces nicotine delivery time from approximately 90 seconds to 10 seconds.

The business model combines one-time hardware sales with recurring consumable revenue. Complete sets (Basel, Hong Kong, Tokyo, Antibes, Black Leather) retail at €1,210 each; replacement flavor cartridges cost €12.10 per pack of 4 (100-140 puffs per cartridge, equivalent to 10 cigarettes), and individual replacement batteries and control units are sold separately at €29.95 (2x) and €59.95 respectively. Distribution is direct-to-consumer via the company's own e-commerce storefront and a Basel flagship boutique, with planned expansion to Milan third-party retailers and German luxury hotel distribution via Roomers in Q1 2025. The target customer is affluent adults seeking sophisticated, smoke-free alternatives that combine Swiss precision engineering with luxury craftsmanship aesthetics.

Carnault is privately held. Tokenized shares are available via Aktionariat AG's blockchain platform for Swiss and EEA investors, with offering caps of CHF 8M/year in Switzerland and €100K/year in the EEA. The company achieved its first 500 unit sales in 2024, the same year its flagship Basel store opened and European patents were granted. Planned 2025-2026 initiatives include new CEO and CMO appointments, brand ambassador partnerships with Frederick Lau, Emilia Schule, and Johnny Depp, cinema commercials on Netflix and ARD, product enhancements (T-MAX in 2025, +30% vapor production and +70% battery lifetime in 2026), and launches of Signature (Q3 2025), Black Leather (2026), and Prestige (Q1 2026) collections.

Name

Carnault

Legal name

Carnault GmbH

Website

https://carnault.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Carnault is a Swiss luxury maison that designs and sells modular electronic cigarettes in the traditional cigarette form factor, crafted with fine woods and vegetable-tanned leather, targeting affluent adults seeking sophisticated smoke-free alternatives.

Ownership category

akta.pro rank

Headquarters

HQ city

Basel

HQ country

Switzerland

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Marketing or Sales, Technology or R&D, Personnel

Revenue model

1. Hardware Sales (Electronic Cigarette Sets): Sale of complete sets including charging case and cigarettes in various designs (Basel, Hong Kong, Tokyo, Antibes, Black Leather). Each set priced at €1,210. One-time hardware purchase.
2. Flavor Cartridges: Replacement cartridges in multiple flavors (No.1, No.2, No.3, No.4) and variations (Chili, T-Max) available with or without nicotine. Sold in single packs (4 cartridges at €12.10) or cartons of 10 packs. Ongoing consumable revenue.
3. Replacement Parts & Accessories: Sale of replacement batteries (€29.95 for 2x) and control units (€59.95). Modular design allows customers to replace individual components rather than entire device.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels11 records

Core offering

Carnault designs, manufactures, and sells luxury electronic cigarettes in the form factor of traditional tobacco cigarettes (98.4mm x 8.4mm), using premium materials such as vegetable-tanned leather from Ubrique and fine woods. The product portfolio includes complete sets (Basel, Hong Kong, Tokyo, Antibes, Black Leather) each containing two electronic cigarettes and a leather charging case, alongside consumable flavor cartridges and modular replacement components (battery, control unit).

Product overview

Carnault is a Swiss luxury maison offering a modular electronic cigarette system. The product portfolio centers on complete sets (Basel, Hong Kong, Tokyo, Antibes, Black Leather) each containing two electronic cigarettes with wooden housings and one leather charging case. Individual components available separately: replacement cigarettes in various wood finishes, flavor cartridges in multiple varieties (tobacco, menthol, earthy, sweet), a precision control unit with award-winning electronics, and proprietary batteries. All products are designed with emphasis on craftsmanship, natural materials (vegetable-tanned leather from Ubrique, fine woods from Aargau), and modular repairability.

Differentiator

Problem solved

Functional benefit

Brands

• T-Max: Enhanced nicotine delivery technology that delivers nicotine faster, longer, and richer than standard formulations
• Carnault

Products and services

• Basel Set Complete set including 2x Carnault Cigarettes (Oak, Leadwood) and 1x Charging Case (Leather, Moss Green). Dedicated to Basel, the home of Art Basel and Carnault, honoring Swiss precision mechanics and engineering. Priced at €1,210.
• Hong Kong Set Complete set including 2x Carnault Cigarettes (Ilex, Grenadilla) and 1x Charging Case (Leather, Kowloon Red). Inspired by the vibrancy and diversity of Hong Kong as depicted in Wong Kar-wai films. Priced at €1,210.
• Tokyo Set Complete set including 2x Carnault Cigarettes (Birch Burl & Leadwood) and 1x Charging Case (Leather, Deep Emerald Leather). Inspired by Japan, reinventing itself between harmony, perfection and belonging. Priced at €1,210.
• Antibes Set Complete set including 2x Carnault Cigarettes (Oak & Yew Burl) and 1x Charging Case (Leather, Terracotta Beige). The Antibes Set represents the French Riviera aesthetic, combining refined craftsmanship with modern smoke-free technology. Priced at €1,210.
• Black Leather Set Premium collection featuring black leather charging case. Scheduled for release in 2026, representing the most refined expression of Carnault's luxury aesthetic. Priced at €1,210.
• Flavour Cartridge No.1 Warm sun-cured tobacco notes-flavored cartridge. Developed with Robertet in Grasse from natural extracts. Volume: 0.55ml. Each cartridge lasts 100-140 puffs. Available with or without nicotine (20 mg/ml). Single pack (4 cartridges): €12.10.
• Flavour Cartridge No.2 Cool, fresh menthol-flavored cartridge. Developed with Robertet in Grasse from natural extracts. Volume: 0.55ml. Each cartridge lasts 100-140 puffs (equivalent to 10 cigarettes). Available with or without nicotine (20 mg/ml).
• Flavour Cartridge No.3 Deep earthy green notes-flavored cartridge. Developed with Robertet in Grasse from natural extracts. Volume: 0.55ml. Each cartridge lasts 100-140 puffs. Available with or without nicotine.
• Flavour Cartridge No.4 Pleasant sweetness and fresh notes-flavored cartridge. Developed with Robertet in Grasse from natural extracts. Volume: 0.55ml. Each cartridge lasts 100-140 puffs. Available with or without nicotine.
• Flavour Cartridge No.1 - Chili Warm sun-cured tobacco notes with a delicate ember of chili. Nicotine-free variant. Volume: 0.55ml. Each cartridge lasts 100-140 puffs.
• Flavour Cartridge No.1 - TMax Same nicotine formula enhanced with T-MAX technology for faster, longer, richer delivery. Developed with Robertet in Grasse from natural extracts. Volume: 0.55ml.
• Control Unit The most sophisticated part combining ultra high precision turned metal parts with the smallest control electronics ever embedded into a cigarette. Outer Material: ARCAP. Won a PCB award for space efficiency. 12-month guarantee. Priced at €59.95.
• Battery 0657 Carnault's proprietary 0657 format batteries meeting highest standards of performance and safety. Includes Vent and PTC safety features. Usable lifespan of approximately 6 months depending on usage. Priced at €29.95 for 2x battery pack.

Quantifiable outcome

• 500+ sales achieved in first year of commercial operations (2024)
• +3 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Twelve partnerships are on record, tiered flagship, core and minor.

• Roomers Luxury Hotel GroupflagshipChannel Partner/ Reseller/ Distributor · 1 January 2025Luxury hotel group in Germany. Planned Q1 2025 launch for product distribution and brand experience within Roomers hotels.
• Frederick LauflagshipGTM or Marketing Partner · 1 January 2025Actor and brand ambassador. Planned 2025 Q2 collaboration with Netflix & ARD media appearance in Malta. Described as creative, warm-hearted, and bold.
• Emilia SchuleflagshipGTM or Marketing Partner · 1 January 2025Planned brand ambassador collaboration projects for 2025 Q2.
• Johnny DeppflagshipGTM or Marketing Partner · 1 January 2025Planned collaboration projects for 2025 Q2.
• Aktionariat AGcoreTechnology or Integration · 1 January 2021Zurich-based fintech partner enabling blockchain-based share tokenization via Brokerbot platform. Allows direct purchase of Carnault AG shares without intermediaries. Part of Swiss Code of Obligations Article 973d electronic register of value framework.
• Kevin ZheguminorGTM or Marketing Partner · 1 January 2019Photographer based in Athens. Created first Carnault photo shoot in 2019, ongoing collaboration since then. Work described as cinematic atmosphere reminiscent of old cigarette commercials.
• Yu-ChenminorGTM or Marketing Partner · 1 January 2019Photographer based in Taipei. Known for atmospheric scenes reminiscent of Wong Kar-Wai movies with analogue camera grain and urban settings. Collaboration since 2019.
• 199x (Nairobi)minorGTM or Marketing Partner · 1 January 2019Multi-dimensional visual arts company based in Nairobi specializing in fashion and film. Collaboration since 2019, known for playful yet mature style and creative color choices.
• Robertet (Dr. Philippe Gavini)coreStrategic or Co-development Partner175-year perfumery house from Grasse, France, collaborating on flavor development. Robertet specializes in natural extracts and aromas, providing expertise in botanical flavor composition for Carnault's tobacco-free e-liquid formulations.
• Master Leatherworkers in UbriquecoreStrategic or Co-development PartnerCraftsmen in Ubrique, Cádiz, Spain, known for longstanding leather craftsmanship tradition. Supply vegetable-tanned leather for charging cases.
• Marietta VargaminorGTM or Marketing PartnerPhotographer based in Budapest. Transforms everyday moments into phantasmagorical arrangements and still lifes with unique characteristic artwork.
• Adeolu OsiboduminorGTM or Marketing PartnerPhotographer based in Lagos. Creates surreal dream-like scenes through creative and experimental post-production, producing powerful expressive series.

Scale indicators5 records

Recent moves7 records

Expansion highlights12 records

Direct peers

• RELX Technology: Global e-cigarette brand selling modular closed-pod systems with proprietary cartridges. Highly comparable business model to Carnault: hardware + consumable cartridges, premium positioning, DTC and retail distribution.
• NJOY: US-focused e-cigarette brand with both reusable and disposable vapor products. Direct comparable in vapor hardware and consumable cartridges, operating at smaller scale than JUUL or Vuse.
• JUUL Labs: Direct competitor in the e-cigarette/vape category. JUUL is the dominant e-cigarette brand that Carnault positions itself against with a luxury alternative. Both sell nicotine vapor products through DTC and retail channels.

Broad incumbents

• Imperial Brands (blu): Multinational tobacco company with blu e-cigarettes. Operates in the same vapor category as Carnault, with broader portfolio and established retail distribution in Europe.
• Philip Morris International (IQOS): Global tobacco incumbent with IQOS heat-not-burn platform. Operates in the broader smoke-free alternatives category Carnault targets, with significantly larger scale and distribution.
• British American Tobacco (Vuse): Global tobacco incumbent owning Vuse, a leading e-cigarette brand. Directly competes in vape hardware and consumables but at mass-market scale rather than luxury.
• Japan Tobacco International (Ploom): Global tobacco incumbent with Ploom heated-tobacco and vapor platforms. Operates in the smoke-free alternatives category and competes for the same adult consumer transitioning from cigarettes.
• Altria Group (on! and NJOY): US tobacco incumbent with stakes in NJOY and other smoke-free platforms. Operates at scale in the broader alternatives category Carnault addresses.

Emerging players

• Davidoff (Oettinger Davidoff): Swiss luxury tobacco brand (cigars, cigarettes) with premium positioning and cigar lounge distribution. Comparable Swiss luxury heritage and adult consumer base, though focused on combustible tobacco rather than vapor.
• S.T. Dupont: French luxury maison producing lighters, writing instruments, and leather goods. Comparable craft heritage and luxury positioning to Carnault's maison narrative, though operating in tobacco accessories rather than vapor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Customer concentration

• YouTubeyoutube.com/@carnault.official
• Facebookfacebook.com/carnault
• LinkedInlinkedin.com/company/carnault
• Instagraminstagram.com/carnault_ch/?hl=en
• Pinterestpinterest.com/CarnaultAG

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carnault