Chennai, March 25 Bicycle and engineering product manufacturer Tube Investments (TI) Wednesday said it will sell premium bicycles that cost up to Rs.200,000.
'We will sell bicycles ranging between Rs.17,500-200,000 and accessories through our exclusive retail outlets Track and Trail,' Arun Alagappan, TI senior vice-president (retail and e-bikes), told IANS from Bangalore on phone.
He added that upper end bicycles would be manufactured by Italian company Banchi and Cannondale Bicycle Corp of the US.
'These products have to be retailed exclusively and cannot be sold through other cycle outlets. Further there are several cycling accessories that go with such premium bikes,' Alagappan said.
The official further hoped to achieve 20 percent market share in the first year.
'As per our estimates, the size of super premium bicycle segment is around 7,000 units. We are hoping to sell around 1,500 units in the first year,' Alagappan said.
TI has already opened Track and Train showrooms in Bangalore and Delhi and is planning to open eight more over a period of three years.
The company will invest Rs.10 crore for opening the stores that would mainly sell mountain, road and hybrid bikes.
According to TI managing director L. Ramkumar, the partnership with Bianchi and Cannondale will further strengthen the company's competence in the performance bicycle market.
Added Richard Stroem, director (international sales) of Bianchi: 'India can become an important market for us in three years' time with the youth showing interest to stay fit.'
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