Hero Cycles Group merges all its businesses and companies under a New Group Identity HMC – Hero Motor Company
Ludhiana, April 19th: Hero Cycles is the largest cycle producer in the world, and is a clear leader in terms of standards in the overall domestic market. Selling over five lakh units a month, Hero Cycles, plays a dominant role in the bicycle industry in India who have recently acquired Avocet, Firefox, and BSH. With its base, Hero Cycles has managed to achieve a consistent growth through its strong focus on increasing its volumes.
At a press conference here today, Hero Cycles discussed its journey towards becoming a highly diversified conglomerate and announced its plans to keep widening its business ventures beyond automobiles.
“This is a proud moment for us and we hope that this shift in image will help us in achieving our goals for the coming year. Hero is not just about cycles and automobiles. Today, we are diversifying into different business interests and hope to continue our winning run in every field. Through Hero Motors Company, we envelop all our diverse business ventures under one roof. We are the first ever company to achieve a sale of over 6 lakh units in a month in the history of India’s cycle industry and we are hopeful to strive in the same manner in all our endeavours”, says Pankaj Munjal, Chairman and Managing Director, Hero Cycles Ltd.
The company has also opened the Global Design Centre (GDC) in Manchester, UK to develop next generation bikes based on the latest technology. This design centre will help Hero Motors Company produce technology and design catering to the differentiated products to suit the needs of different European markets.
In the years to come, Hero Motors Company envisions a mobile and empowered world powered by two wheelers. This new identity of the company reflects their commitment towards providing world class mobility solutions with a renewed focus on expanding the company’s footprint in the global arena in the years to come.
After excelling in the arena of mobility, automotive, and engineering Hero Motors Company has also branched out to acquire and venture into lifestyle, and hospitality.
This diversification shifts the focus of Hero Cycles to Hero Commercial Towers in Gurgaon as a remarkable destination recognized for setting new standards in Commercial / Retail spaces of India. Their luxury lifestyle brand, Oma aims to bring global luxury in the lifestyle segment to India at affordable prices.
About Hero cycles:
Incorporated in 1956, Hero Cycles Limited is the largest bicycle manufacturer by volume in the world. The company has a manufacturing capacity of 7.5 million bicycles per year, with its units in Ludhiana (Punjab), Bihta (Bihar) & Ghaziabad (UP). It has a highly integrated plant in Ludhiana which produces 19,000 bicycles every day. It also manufactures automotive rims and various other precision-engineered auto components.
Hero Cycles posted a turnover of around Rs 3000 crores during the financial year 2014-15 with a production of around 5.5 million cycles. It is the leader in both the standard and specialist bicycle segments in India, with an overall market share of about 41 per cent. Hero Cycles has been aggressively driving growth by clocking a robust 11% growth in the Indian market.
With its recent announcement of entry in the European market and acquisition of Firefox in India and Avocet Sports in UK, Hero Cycles aims to grow by Rs 8000 crore by 2018. The company has also recently acquired a majority stake in Sri Lanka’s leading bicycle manufacturer BSH Ventures, further boosting its manufacturing capacity.
In December 2015, Hero Cycles registered a phenomenal sale of over 6 lakh units, making it the highest one month sale in the history of the bicycle industry by any cycle company in India. Riding on strong sales in rural and semi urban areas, and strong growth in the premium cycles segment, the company witnessed 20% growth in month on month sales in December 2015.
With state-of-the-art infrastructure and the most modern machinery, the company entered the premium bicycle segment with the launch of its new brand, UT Edge, in February 2012. A wide distribution network with over 3000 dealers and the favourable location of its plants near its vendors, supports its operations, and facilitates the competitive pricing of its bicycles. Hero Cycles also exports to various countries in the Middle East, Africa, Asia and Europe.