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Thursday, July 23, 2015

Royal Enfield to experiment with new retail formats

NEW DELHI: Royal Enfield, the two-wheeler company of Eicher Motors, is looking to open new format retail stores, where it could have various other businesses at its showrooms. 

"We are still in the experiment stage. We are opening new retail formats where we may have different experiences and services like food and beverages outlets," said Siddhartha Lal, CEO of Eicher Motors. 

Eicher Motors on Tuesday had informed BSE that the board of directors of the Company had approved amendment to the "Object Clause" of the memorandum of association of the Company to include, inter alia, the business of dealing in garments, merchandise, clothing accessories, operate restaurants, cafeterias, pubs, bars, breweries etc. 

Royal Enfield at present has around 400 dealer stores and around 7 to 8 Gear stores which sell accessories and riding gear. The company hopes to expand the dealer network to 500 around the country. "We will start with one or two of these new-format stores in the coming year. If it works we will scale it up, if it doesen't, we will kill it," said Lal. 

The second quarter of 2015 has been the best, both revenue and sales wise, for Royal Enfield. The sales have been growing consistently and in second quarter, ending June 2015, the company sold over 1 lakh motorcycles. The turnover of the company crossed Rs 1,000 crore in a quarter, which again was a first.

After establishing the brand in domestic market, Lal is now looking to grow Royal Enfield into an international brand with presence in key markets of the world. To ensure this, Lal said he is moving to London for a year, to be closer to the market and oversee the development. 

Eicher Motors had earlier announced that they are working on two new platforms for catering to international market and bring out products in the 250cc to 750cc range motorcycle.

Source: EcoAuto
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