Murugappa Group company TI-Cycles, which has become sales and marketing partner of Ridley Group today launched a range of super premium bicycles of the Belgium-based company in India, priced up to Rs 7.80 lakh.
TI Cycles and Ridley Group had signed a 33-year-brand licensing rights agreement in August 2015 in which the city-based company would be sales and marketing partner while the latter would be incharge of design.
"Today we are getting connected with one of the leaders in Europe. It is one of the very young companies. We have been in touch...And now we have taken step in this direction", MD of Tube Investments of India, L Ramkumar told reporters here at the launch of the bicycles.
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Ridley Group, CEO, Joachim Aerts said, "This is first partnership for us (outside Europe). Europe, Japan, North America, Canada are biggest market for us. We felt, we have to go a step beyond what we are doing now. With TI Cycles, we hope we can grow together in this partnership in India".
Ridley Group launched nine models in India priced from Rs 63,000 upwards. Besides, the company, introduced India specific 11 models priced from Rs 25,000 onwards. The bicycles made of carbon and alloys will be imported from Belgium.
Apart from serving domestic market, TI Cycles, President, Arun Alagappan said, the company would also ship Ridley bicycles to neighbouring Sri Lanka, Bangladesh, Nepal, Bhutan and Myanmar.
The super premium bicycle segment in India was around 60,000 units and TI Cycles sells about 17,000 units a year, he said adding that the company would retail it through its 54 dealers across the country.
