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Thread: Hero Cycles bought Firefox Bikes, eyeing premium cycle market in India: xBhp News

  1. #1
    Official xBhp NewsMonger
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    Default Hero Cycles bought Firefox Bikes, eyeing premium cycle market in India: xBhp News

    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:
    "We are extremely proud to have Firefox Bikes, which is one of the most recognised brands in the premium cycle segment, as part of the Hero Cycles family”.
    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:
    “Becoming part of Hero Cycles will help Firefox to expand its marketing visibility and acquire an aggressive approach in reaching out to prospective customers.”
    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
    max007 likes this.

  2. #2
    Moderator Divya Sharan's Avatar
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    Default Re: Hero Cycles bought Firefox Bikes, eyeing premium cycle market in India: xBhp News

    News approved!

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    Rusted krishna77's Avatar
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    Default Re: Hero Cycles bought Firefox Bikes, eyeing premium cycle market in India: xBhp News

    That's a good move by Hero. Considering the place Firefox has already built up globally.

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    Default Re: Hero Cycles bought Firefox Bikes, eyeing premium cycle market in India: xBhp News

    Hero has sufficient funds at their disposal if they want to up the ante and bring in world class bikes to India at affordable prices. Especially with the imported bikes being charged a whopping 30% customs.

    I hope both Firefox and Hero will bring in better bikes with this acquisition.
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    Default Re: Hero Cycles bought Firefox Bikes, eyeing premium cycle market in India: xBhp News

    Was planning to buy a Bicycle soon and get back to the school days. Was thinking about BSA, but probably I will have to consider Hero as well.

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