CHOLAMANDALAM FINANCIAL HOLDINGS LIMITED
(Formerly, TI Financial Holdings Limited)
(Formerly, TI Financial Holdings Limited)
TI expects to double sales of premium cycles
After premium cars and motorcycles, now it’s the turn of premium bicycles to witness a spurt in sales volume. TI Cycles, part of Murugappa group’s Tube Investments of India, is betting on changing consumer preferences in metros to help it more than double sales volumes in the premium and super premium bicycle segments this year.
“There’s a strong response to our super premium bikes. There’s an increased interest in the premium segment, but the key growth driver is demand in metros. For the first time after five years of de-growth, we are seeing growth in cycle volumes in metros,” said Arun Alagappan, senior vice-president of TI Cycles.
While Chennai, Bangalore, New Delhi and Pune are driving sales of premium cycles, Mumbai is also showing signs of pick-up. “We are also witnessing good sales growth in tier I locations like Coimbatore and Mysore, and even a small town like Nagarcoil,” he added. The company has already surpassed its previous year’s volumes in premium and super premium segments during the first half of the current fiscal.
Last year, TI Cycles forayed into the high-end (super premium) segment with international brands like Bianchi, Cannondale and Schwinn in the price range of Rs 25,000 to Rs 1 lakh. It has now launched two more international brands — GT and Mongoose — in the price range of Rs 10,000 and Rs 27,000 — to boost sales. With a range of top American and European cycle brands, the company expects to sell over 10,000 units in the current fiscal.
“There’s a strong response to our super premium bikes. There’s an increased interest in the premium segment, but the key growth driver is demand in metros. For the first time after five years of de-growth, we are seeing growth in cycle volumes in metros,” said Arun Alagappan, senior vice-president of TI Cycles.
While Chennai, Bangalore, New Delhi and Pune are driving sales of premium cycles, Mumbai is also showing signs of pick-up. “We are also witnessing good sales growth in tier I locations like Coimbatore and Mysore, and even a small town like Nagarcoil,” he added. The company has already surpassed its previous year’s volumes in premium and super premium segments during the first half of the current fiscal.
Last year, TI Cycles forayed into the high-end (super premium) segment with international brands like Bianchi, Cannondale and Schwinn in the price range of Rs 25,000 to Rs 1 lakh. It has now launched two more international brands — GT and Mongoose — in the price range of Rs 10,000 and Rs 27,000 — to boost sales. With a range of top American and European cycle brands, the company expects to sell over 10,000 units in the current fiscal.
Information under Regulation 46 and 62 of SEBI Listing Regulations, 2015
