Hero Cycles to open 30 branded outlets in 25 cities in a year
New Delhi: Hero Cycles on Sunday said it plans to open 30 company-owned retail outlets across 25 cities within one year.
"The company aims to open 30 company-owned stores in 25 cities within one year," Hero Cycles (Urban Trail) President Pravin Patil said in a statement.
Urban Trail, the premium cycle brand of Hero Cycles, today launched its first company-owned company-operated store in here.
"The market size of these premium bicycles in India is estimated at 2 lakh units per annum. Realising the importance of the market segment, we are doing our best to connect well with our customers. This step was taken with a lone objective of penetrating deep into the market," Patil said.
Currently, the company follows a multi-brand retail model. Additionally, 150 out of the existing 2,200 Hero Cycle dealers are also selling the premium Urban Trail range across 35 cities.
"These COCO showrooms would be more than mere showrooms where people would come to buy cycles," Hero Cycles Managing Director Pankaj Munjal said.