The world's largest bicycle maker Hero Cycles today said it would foray into the premium segment by launching products in Rs 3,000-Rs 20,000 range by November this year and will set up exclusive outlets for selling them.
The company is setting up a dedicated unit to roll out the premium cycles at Ludhiana. It is also scouting for partners in the US, Germany, Japan and the UK to export the cycles under a contract manufacturing deal.
"Hero Cycles is working on a whole new range of premium brands. These will be targeted to all segments starting from kids. We are looking to introduce a completely new premium brand by November," Hero Cycles Managing Director Pankaj Munjal told PTI.
The company has tied up with a foreign player for the cycles that will be introduced in a price range between Rs 3,000 and Rs 20,000, he said but declined to disclose the identity of the overseas partner.
Munjal said the company was "revamping" its point of sales by setting up dedicated outlets for selling Hero Cycles.
"We will set up exclusive branded Hero Cycles outlets for selling the premium bicycles. These will be through franchisee route and we will open 40 outlets by October in many cities such as Delhi, other NCR locations and Indore," he added.
The company currently sells its products through multi- branded outlets and different Future Group stores.
Munjal said the bicycle maker will at first roll out the premium products from its existing facility in Ludhiana.
