Hero Cycles

Hero Cycles Limited
Private company
Industry Bicycles
Founded 1956
Founder Brijmohan Lall Munjal Edit this on Wikidata
Headquarters Ludhiana, Punjab, India
Key people
Pankaj M Munjal[1][2]
Products Bicycles
Revenue 26 billion (US$380 million) 2017-2018[3][4]
Total assets 76.40 billion (US$1.1 billion) [5] (2017-2018)
Number of employees
7610
Parent Hero Motors Company [6]
Website www.herocycles.com

Hero Cycles Limited, based in Ludhiana Punjab, India is a manufacturer of bicycles and bicycle related products.[7] Mr Pankaj M Munjal[8] is the Chairman & Managing Director of Hero Cycles.

History

Hero Cycles was established in 1956 in Ludhiana Punjab and started with manufacturing bicycle components. Today, Hero Cycles is one of the world’s largest manufacturers of bicycles and producing 19,000 cycles per day.[9] Hero Cycles is part of Hero Motors Company.[10]

At present, Hero cycles exports[11] to over 70 countries including Germany, Poland, Africa, Finland, UK[12] and Europe etc. The company is ISO9001 & ISO14001 certified from BVC of UK and recognized by the R&D department by the Indian government.

The company has over 250 suppliers network, approx. 2800 dealerships & over 7610 employees. Hero Cycles has also entered into Mid Premium, Premium & Super Premium segment under the brand names Hero Sprint,[13][14][15] Hero Sprint Pro[16] & UT (formerly called —Urbantrail).[17] As part of its strategy to further cement its position in the fast-growing premium cycling segment in India, Hero Cycles acquired Firefox Bikes, India’s largest premium bicycle brand. Firefox Bikes has an established presence in pan-India through a network of 160 outlets and has been growing at a three-year CAGR of 35% in revenue.[18][19][20][21]

Hero Cycles Ltd, also has acquired a majority stake in Avocet Sports Limited, to mark its entry into the high-value cycle market in Europe as part of its aggressive growth plans in Europe. Avocet is one of the top three distributors of bicycles, e-bikes, bicycle parts and accessories in the UK.[22][23] Insync Bikes brand was launched by Avocet in November 2018.[24]

The company has also acquired a majority stake in Sri Lanka’s leading bicycle manufacturer, BSH Ventures, further boosting its manufacturing capacity.[25][26][27][28]

Hero’s has found itself a place in the Guinness Book of World Records[29] for being the single largest producer of bicycles.

Group structure

Hero Cycles is part of Hero Motors Company (HMC).[30]

The HMC family[31][32] is made up of organizations such as Hero Cycles Ltd., Avocet Sports (UK),[33] BSH (Sri Lanka), Firefox,[34] Spur,[35] HGD,[36] Hero Motors,[37] Munjal Hospitality,[38][39] Munjal Kiriu,[40] ZF Hero[41] and OMA.[42]

Plants

Hero Cycles, Ludhiana, Punjab[43]

Hero Cycles, Ghaziabad, Uttar Pradesh[44]

Hero Cycles, Bihta, Bihar[45]

BSH Ventures Pvt. Ltd., Sri Lanka[46]

ZF HERO Chasis Systems, Pune, Mahrashtra[47][48]

ZF HERO Chasis Systems, Chennai, Tamil Nadu[49]

Munjal Kiriu, Manesar, Haryana[50]

Munjal Kiriu, Ahmedabad, Gujarat[51][52]

See also

References

  1. ^ "Hero Motors Group elevates Pankaj Munjal as CMD". www.thehindu.com. 20 July 2015. Retrieved 20 July 2015.
  2. ^ "The cycle king". business-standard.com. 21 January 2013.
  3. ^ "HMC revenue reaches to INR 2600 Cr". epaper.bhaskar.com. 27 December 2017. Retrieved 27 December 2017.
  4. ^ "HMC revenue expected to reache INR 2600 Cr". dainiksaveratimes.epapr.in. 27 December 2017. Retrieved 27 December 2017.
  5. ^ "The cycle king". business-standard.com. 21 January 2013.
  6. ^ "Hero Cycles gets new identity - Hero Motors". timesofindia.indiatimes.com. 20 April 2017. Retrieved 20 April 2017.
  7. ^ "Hero Cycles Ltd". Herocycles.com. Archived from the original on 7 August 2011. Retrieved 10 August 2011.
  8. ^ "Hero Cycles & other group companies elevate Pankaj Munjal as new Chairman & MD". auto.economictimes.indiatimes.com. 20 July 2015. Retrieved 20 July 2015.
  9. ^ "Forbes India Magazine - Print". www.forbesindia.com.
  10. ^ "Hero Cycles gets new identity - Hero Motors". timesofindia.indiatimes.com. 20 April 2017. Retrieved 20 April 2017.
  11. ^ "Hero Cycles Breaks Record in Sales on Home Market". bike-eu.com. 7 January 2016.
  12. ^ "Hero Motors to supply transmissions for electric truck in UK". auto.economictimes.indiatimes.com. 6 November 2017.
  13. ^ "Hero Cycles to unveil 400 Sprint stores". auto.economictimes.indiatimes.com. 28 September 2017.
  14. ^ "Hero Cycles Launches New Advertising Campaign "Choose Different" with Arjun Kapoor for 'Hero Sprint Bike RXR' Cycles". businesswireindia.com. 5 November 2015.
  15. ^ "Hero Cycles launches new advertising campaign with Arjun Kapoor for 'Hero Sprint bike RXR' Cycles". indiablooms.com. 3 November 2015.
  16. ^ "Hero launches 17 new Hero Sprint Pro cycles; priced up to Rs 15,000". indiatoday.intoday.in. 24 August 2016.
  17. ^ "Hero Cycles acquires Firefox Bikes in all-cash transaction". thehindu.com. 17 September 2015.
  18. ^ "Hero Cycles acquires Firefox Bikes in all-cash transaction". economictimes.indiatimes.com. 18 September 2015.
  19. ^ "Eyeing premium segment, Hero Cycles acquires Firefox Bikes". tribuneindia.com. 18 September 2015.
  20. ^ Raj, Amrit (17 September 2015). "Hero Cycles buys Firefox Bikes for Rs150 crore".
  21. ^ Bureau, Our (17 September 2015). "Hero Cycles buys Firefox Bikes in all-cash deal".
  22. ^ "Hero Cycles acquires majority stake in UK's Avocet Sports". 13 August 2015 – via The Economic Times.
  23. ^ Pandey, Navadha (12 August 2015). "For Europe ride, Hero Cycles acquires UK company Avocet Sports".
  24. ^ "Hero Cycles launches Insync house brand touted as an "industry disruptor"". Cycling Industry News. 3 May 2018. Retrieved 28 November 2018.
  25. ^ "Hero Cycles acquires 60% stake in Sri Lanka's BSH Ventures". economictimes.indiatimes.com. 23 March 2016.
  26. ^ "Hero acquires Firefox Bikes, eyes premium cycles market". 18 September 2015.
  27. ^ "Hero Cycles acquires Firefox Bikes in all-cash transaction". financialexpress.com. 17 September 2015.
  28. ^ "Hero Cycles acquires stake in UK's Avocet Sports". tribuneindia.com. 13 August 2015.
  29. ^ "Riding a new high". indiatoday.intoday.in. 15 October 1987.
  30. ^ "Hero Cycles Led HMC Records Highest Revenue". menafn.com. 29 December 2017.
  31. ^ "Hero Motors Group elevates Pankaj Munjal as CMD". thehindu.com. 20 July 2015.
  32. ^ "Hero Group: How embarrassment led to the creation of world's largest bicycle empire". entrepreneur.com. 1 October 2015.
  33. ^ "Hero Cycles plans to set up global design centre in UK". thehindubusinessline.com. 22 November 2016.
  34. ^ "Hero Cycles buys Firefox Bikes for Rs150 crore". livemint.com. 18 September 2015.
  35. ^ "Hero Cycles Q&A". bikebiz.com. 9 June 2016.
  36. ^ "GLOBAL BIKE MANUFACTURER UNVEILS £2M MANCHESTER DESIGN CENTRE". bqlive.co.uk. 30 January 2017.
  37. ^ "Hero Cycle Group's transmission division to supply gears to Ducati". timesofindia.indiatimes.com. 14 October 2016.
  38. ^ "Hero's hospitality foray begins with Marriott deal". business-standard.com. 21 January 2013.
  39. ^ "Hero Group putting up a Rs650 crore hotel in Gurgaon". dnaindia.com. 6 September 2011.
  40. ^ "Munjal Kiriu Industries commissions new auto component plant in Gujarat". business-standard.com. 20 September 2017.
  41. ^ "ZF Hero Chassis System inaugurates new plant". indiancarsbikes.in. 26 September 2015.
  42. ^ "Hero Motors launches AUMA, enters restaurant business". business-standard.com. 21 January 2013.
  43. ^ "Hero Cycles eyes setting up Rs. 400 cr project". thehindubusinessline.com. 22 April 2017.
  44. ^ "Hero Cycles opens aluminium cycle unit at Ghaziabad". thehindubusinessline.com. 12 August 2013.
  45. ^ "Investment pedals in with Hero". telegraphindia.com. 27 August 2014.
  46. ^ "Hero Cycles' Lankan acquisition to serve as gateway for exports to Europe & high-end bicycles to India". businesstoday.in. 4 May 2016.
  47. ^ "ZF goes all out to increase localisation". autocarpro.in. 6 October 2016.
  48. ^ "ZF sets up Plant in Pune, India for heavy truck transmissions". machinist.in. 27 October 2010.
  49. ^ "ZF Hero starts assembling chassis for BMW". economictimes.indiatimes.com. 1 October 2015.
  50. ^ "Hero Motors sells 17.6 % stake in Munjal Kiriu Industries". thehindu.com. 14 February 2011.
  51. ^ "Hero Motors invests Rs.150Cr, installs new manufacturing unit under joint venture with Kiriu, Japan". thehansindia.com. 21 September 2017.
  52. ^ "HeroMotors-led casting venture commissions ₹150-crore plant in Gujarat". thehindubusinessline.com. 20 September 2017.

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