Urban Trail, premium cycle brand launched earlier this year by Hero Cycles, the world’s largest integrated bicycle manufacturer and the market leader of the Indian bicycle industry, today launched its first company-owned company operated (COCO) store in New Delhi. Spread over 1000 sq feet of an area, the first COCO store from Urban Trail is located in the heart of Lajpat Nagar, most popular shopping destination in the capital.
The Rs 1,700-crore company aims to open 30 company-owned outlets in 25 cities, apart from the 30 franchises dedicated to the brand. Currently, the company follows a multi-brand retail model. Additionally, 150 out of the existing 2,200 Hero Cycle dealers are also selling the premium Urban Trail range across 35 cities.
Mr. Pravin Patil, President, Hero Cycles (UT) said, “The market size of these premium bicycles in India is estimated at two lakh units per annum. Realizing the importance of the market segment, we are doing our best to connect well with our customers. This step was taken with a lone objective of penetrating deep into the market and delivering the best services in order to reach closer to our customers and give them value for money.”
Mr. Pankaj Munjal, Managing Director, Hero Cycles said, “Our USP has always been high quality at competitive prices. With such added initiative, we believe we are just climbing up the value chain and getting closer to our customers. These COCO showrooms would be more than mere showrooms where people would come to buy cycles. Nevertheless, they will actually give our customers a pleasant buying experience.”