Hero Cycles, the world’s largest cycle manufacturer by volume, has announced its acquisition of India’s leading premium cycle maker Firefox bikes. The acquisition bolsters the former’s bid to expand its presence in the premium bicycle sector and offers a strong financial impetus to the latter’s growth prospects.
As a part of the deal, the two entities have mutually agreed that Firebox Bikes will retain its brand identity and will continue to operate as a separate unit post acquisition. The founder and MD of Firefox Bikes Shiv Inder Singh will continue to spearhead the brands operation under his new designation as CEO.
Hero Cycles has announced that it will invest heavily in Firefox Bikes’ product innovation and customer service departments. The bicycle giant will also invest in upgrading and expanding the premium brand’s stores across India to gain enhanced brand visibility.
Hero Cycles has announced that it will transfer technologies and rich global experience to expand the horizons for Firefox Bikes. So, the premium brand can look forward to increase its customer reach and explore new product segments in the premium bicycle segments.
Firefox Bikes currently sells over 70 different bike models under its own brand in addition to 25 Trek models. It has a network of 160 outlets in India and is associated with numerous international bicycle brands like Tern, Shimano, Saris, Finish Line, Kryptonite, Super-Bf and Slime.
In addition to the acquisition, Hero Cycles has announced that it will invest in ‘Hero Innovation Centre’, a world class bicycle R&D centre in India.