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Hero Cycles, world largest bicycle manufacturer has bought Firefox Bikes for an undisclosed amount to enter into growing premium bicycle market in India.
The deal includes brands under Firefox such as Firefox cycles, accessories and spares along with exclusive distribution rights of Trek and other brands that Firefox distributes in the country.
Pankaj Munjal, Chairman and MD, Hero Cycles, said:
Firefox will operate as a standalone business under Hero Cycles. The company at present sells over 70 different models of Firefox bikes and 25 Trek models through a network of 160 company owned and franchise outlets.
According to Hero Cycles, the premium bicycle market in the country has been growing at an annual rate of 25% for the last few years and today two lakh premium bikes are sold in the country annually.
Shiv Inder Singh, founder and managing director at Firefox Bikes, said:
Hero Cycles on Thursday also announced its decision to setup a 'Hero Innovation Centre' to upgrade its line of cycles.
News Source: Hero Cycles acquires Firefox Bikes in all-cash transaction - The Economic Times
The deal includes brands under Firefox such as Firefox cycles, accessories and spares along with exclusive distribution rights of Trek and other brands that Firefox distributes in the country.
Pankaj Munjal, Chairman and MD, Hero Cycles, said:
Firefox will operate as a standalone business under Hero Cycles. The company at present sells over 70 different models of Firefox bikes and 25 Trek models through a network of 160 company owned and franchise outlets.
According to Hero Cycles, the premium bicycle market in the country has been growing at an annual rate of 25% for the last few years and today two lakh premium bikes are sold in the country annually.
Shiv Inder Singh, founder and managing director at Firefox Bikes, said:
Hero Cycles on Thursday also announced its decision to setup a 'Hero Innovation Centre' to upgrade its line of cycles.
News Source: Hero Cycles acquires Firefox Bikes in all-cash transaction - The Economic Times
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