NEW DELHI, India - Indian bicycle maker Hero Cycles Ltd is gearing up its investments to enlarge its position in the growing high-end bike segment. Recently, the company unveiled a premium range under its new bicycle brand ‘Ultra Trail’ in New Delhi.
Hero Cycles has launched the premium range in the price range euro 150 – 650. It will soon widen the premium range adding new variants that goes up to euro 5,350 in the next few months.
The company is setting up a dedicated unit at its mother plant to manufacture the hi-end range. “We are setting up an exclusive premium bike manufacturing unit at our main plant in Ludhiana. The plant would likely to be operational by mid 2012,” said Pravin V Patil, President, Ultra Trail, Hero Cycles Ltd in an exclusive interview with Bike Europe recently. However, he declined to comment on the investment made by the company.
The new premium range would target the domestic and international markets. “We have already opened an office in Denver, United States last December to cater the North American markets of the US and Canada. While the New Delhi based office would take care of the markets of the Europe, Africa and the Middle East,” Pravin stated.
Interestingly, Hero Cycles is also in touch with international designers to design the super premium range of Ultra Trail. “We are in touch with multiple design houses based in Europe to design the high end bike range in the price range euro 1,120 to 5,350”, Patil stated. According to him, Hero Cycles is in the penultimate stages of negotiation and soon finalise the design house.
Hero Cycles has launched 17 models in the Ultra Trail range and 10 more models will be launched by the end of April. The current model range only comprises the adult bike including a carbon fibre bike ‘Red Dot’.
Hero Cycles is to open 30 company owned outlets in 25 Indian cities to sell the premium range besides 260 Indian Hero dealers. The company has around 2,200 dealers spread all over India. Hero Cycles sells around 5.6 million bicycles annually in the Indian market.
Caption: Pravin V Patil, President, Ultra Trail, Hero Cycles Ltd with Pankaj Munjal, Managing Director, Hero Cycles Ltd