New Delhi, 6th October, 2015: Hero Cycles, world’s largest bicycle manufacturer, witnessed the highest monthly sales by any cycle company in India after managing to sell 5.39 lakh cycles in September. The jump in sales saw the company, already India’s largest cycle seller, clock 41 percent of the sales generated by the entire industry in September, thereby strengthening its leadership status in the market. The latest monthly sale for the cycle industry in India is pegged at approximately 13.14 Lakh units.
Hero Cycles’ marquee brands Sprint and Jet witnessed highest sales which also makes them world’s top selling cycle brands with combined sales of more than one and half million units per year. While Jet belongs to roadster category, Sprint caters to the premium cycle category which in itself has seen a significant growth from past few years in India.
According to Mr Pankaj Munjal, Chairman and Managing Director, Hero Cycles, “We are pleased to announce that this month we have not only maintained our dominance in the market but have also become the first ever company to achieve sales of 5.39 lakh units in a month. Recovering rural and semi-urban demand along with newer customer initiatives has helped Hero Cycles to clinch this mark. Last few months have witnessed our aggressive sales and acquisition strategy and we are hopeful that the next few quarters will continue to bring the good news for the company.”
Speaking on the achievement, Mr Raman Awasthi, National Sales Head of Hero Cycles said, “Our customer centric approach and practice of setting highest benchmarks for product quality and technology have helped us reinforce our brand among the customers. We have witnessed growth in both rural as well as urban areas. While mainstream cycle brands like Jet continue to attract significant sales, premium cycle brands such as Sprint have started contributing considerable share of sales.”
Hero Cycles had posted turnover of around Rs 3000 crore during the last financial year. Last year, the company produced around 5.5 million cycles. With its recent announcement of entry in European market and acquisition of Firefox in India and Avocet Sports in UK, Hero Cycles aims to grow by Rs 8000 crore by 2018. It has also recently announced Bollywood actor Arjun Kapoor as its brand ambassador.