Bengaluru: It was a good end of the year for Hero Cycles as the company registered a phenomenal sale of over 6 lakh units in December, making it the highest one month sale in the history of the bicycle industry by any cycle company in India.
The company has reportedly witnessed 20 per cent growth in month-on-month sales in December 2015. Strong sales in rural and semi-urban areas are said to have contributed majorly to this growth.
Hero Cycles’ marquee brands Jet and Sprint are said to have witnessed the highest growth with this month’s sales stimated to account for almost 50 per cent of the overall organised industry sale.
“This is yet another landmark in the inspiring story of Hero Cycles. We have not only strengthened our dominance in the Indian cycle market but have also become the first ever company to achieve a sale of over 6 lakh units in a month in the history of India’s cycle industry. India’s bicycle market is on renewal path with a fresh surge in the premium product category as well as strong sales in rural and semi urban areas. This is a proud moment for us and we are hoping to achieve much better targets in 2016,” said Pankaj Munjal, Chairman and Managing Director, Hero Cycles.
Raman Awasthi, National Sales Head of Hero Cycles said, “In recent times, we have witnessed a greater social focus on fitness and environment friendly modes of transport. This trend has given a new vigour to the bicycle industry and our wide variety of products, including the premium sports brands have touched a chord with marquee customers. While mainstream cycle brands like Jet continue to attract significant sales, premium cycle brands such as Sprint have started contributing considerable share of sales.”
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 8,000 crore by 2018.