Tuesday, 23 April 2024
News

Hero Cycles flirts with further “strategic partners” as trade enjoys uptick

Hero Cycles’ significant global expansion may further align with the pace set by the bike industry at present, with the CEO targeting more “strategic partners with synergies in brands, retail and e-commerce.”

Known for a succession of mergers, acquisitions and foundation laying in new territories, Hero Cycles is, by volume, now the world’s largest bike maker, surpassing Giant Manufacturing, which leads in value terms.

The firm has been pivotal in establishing a ‘Cycle Valley‘ in India, where manufacturers of all kinds of bicycle goods can be found in one region. In the UK it has its Manchester Design Centre on which it relies heavily for design of higher-spec bikes.

Pankaj M Munjal, Hero Cycles’ chairman and managing director, spoke on the back of hearing of measures the UK has put in place to promote cycling on the back of the Covid-19 pandemic. He believes such support for cycling would ultimately create huge trade opportunities for Hero in the UK and India.

He said: “The investment being made will be phenomenal in encouraging more people to take up cycling and enjoy the health benefits that go with it.

“Our operation in the UK, Insync Bikes, and India can collaborate on this cycling mission by working closely on research and development from the UK and supply chain from India.”

Mr Munjal said there was even greater opportunity to boost the e-Bike side of the Insync business, which has some way to go in the UK when compared with the trend for e-Bikes in Europe. The company says it has set its sight on becoming a major player in the global electric bicycle market, with the aim of achieving a five per cent share in the e-Bike segment by 2022.

He said: “India can support the UK with a cost-effective and high-quality manufacturing base for e-Bikes. The Hero Global Design centre in Manchester helps us understand and design products specifically for UK customers.

“While we are developing a strong supply chain in India, we are looking for strategic partners with synergies in brands, retail and e-commerce. Our future growth vision is majorly driven by e-bikes, which are soaring like a mandatory medicine in these times.”