Hero Cycles, the world’s largest cycle manufacturer announced its acquisition of the majority stake in the UK based cycle distributor, Avocet Sports Limited. This acquisition marks their entry into the European market. With the experience of 20 years serving the cycling industry; this ensures that every bike in its portfolio is perfectly furnished to fulfil its customer’s needs.
Manchester-based Avocet is among top three players in bicycles. With Hero Cycles it aims to capture high-end bicycle market in UK and Germany. The company has existing retail relationships with superior retailers such as Tesco, Halfords, ASDA, Shop Direct, Amazon, etc and offers an immense range of products including hybrid, folding, road, children bikes, e-bikes, Mountain bikes, BMX and roadster incorporating contemporary technology and design. Its leading brands include Viking, Coyote, Rooster, Ryedale, Lectro, Concept and Riddick.
Steven Walsh, the Chairman of Avocet said that he is very thrilled to become a part of the world largest Bi-cycles company- hero cycles and proud to become the first acquisition for HERO outside of India.
Chairman and MD of Hero Cycles Pankaj Munjal had recently spoken about how the Ludhiana-based cycle manufacturer would be focusing its observation towards apprehending significant market share in higher-value cycle markets such as the UK and Germany. Expansion into the European market will play an important role in realising the Hero Cycles Group’s plans for growth.
Hero Cycles, the India’s first Bicycle manufacturing company, incorporated in 1956 by late Om Prakash Munjal. It is a part of Hero Group that has its marks in sectors like bicycle components, automotive, automotive components, IT, services, Hospitality, Home Decor etc. Hero Cycles has a manufacturing capacity of 7.5 million bicycles per year. Hero Cycles is the leader in both the standard and specialist bicycle segments in India, with an overall market share of about 35 per cent.
The Company also entered the premium bicycle segment with the launch of its new brand, UT Edge. A widespread distribution network with over 3000 dealers and the favourable location of its plants near its vendors, supports its operations, and facilitates the competitive pricing of its bicycles.