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Cycle manufacturer Hero Cycles has opened its first-ever franchise store, HeroOne, in the country at New Delhi. Spread over 1,200 sq.ft., the outlet is located at Yusuf Sarai. The company plans to open 200 franchise stores across the country by the end of 2014. Hero Cycles that traditionally sells its products through dealers and multi-brand retail outlets is making a conscious effort to reach out to its customers directly through the franchise network.
Speaking on the occasion, Pankaj Munjal, Co-Chairman, Hero Cycles, said: "By launching our own retail franchises, we are trying to change the face of cycle retail in India and bring it at par with other lifestyle products. Going forward, we plan to come up with such multiple stores in different cities of the country. The idea of setting up a store in Yusuf Sarai is to get closer to the consumers and also offer products to consumers from different walks of life."
Last Year, Urban Trail, the premium brand from Hero Cycles, opened its first company-owned store in Delhi. While the Urban Trail store targets the premium market, HeroOne will offer products for a wider segment of the population.
Established in 1944, Hero Cycles produces approximately over 19,500 cycles a day. According to the company officials, its manufacturing plant in Ludhiana is the largest bicycle manufacturing plant in the world. The company's turnover for the fiscal 2012-13 was Rs 1,450 crore. Hero's annual sales volume is over 5.1 million cycles.
SOURCE:http://www.indiaretailing.com/news.aspx?topic=1&Id=6994