The licensing rights for a period of 33 years will strengthen market share for TI Cycles of India in the premium bicycles segment and will also establish Ridley as one of the leading global brands in India, the company said in a statement.
Commenting on the partnership, Ridley Bikes Chief Executive Officer Jochim Aerts said:"Moving forward, our focus will be to grow this segment in line with the needs of the Indian consumers."
"At TI Cycles, we are committed to bring to Indian consumers the best in innovation and technologies. We are confident Ridley bicycles will infuse fresh dynamism to our commitment to India and the Indian consumers," TI Cycles of India President Arun Alagappan said.
TI Cycles said it plans to expand its reach of Premium Track and Trail and Ciclo Cafe stores up to 50 outlets by 2017 from its present 12 outlets.