Giant launches retail store in India; plans to promote cycling before selling cycles
The brand aims to target working professionals in the Rs 80,000 - Rs 1,00,000 monthly income band, and expects a growth of around 7-9 per cent over the next year
Giant, a premium bicycle brand, will open its first retail store in India on Wednesday. The company has chosen Mumbai for the launch and will focus on building a community of bicyclists to develop the market for the premium cycles that it offers.
“I want to first promote the habit of cycling before selling cycles,” says Aditya Bafna, Managing Director & CEO, Element Retail, Giant’s partner in India.
Bafna, who has been instrumental in launching the retail presence of brands such as Jockey, Speedo and Asics in India, says that the cycling market in India is inhibited by the lack of infrastructure. Yet, for the launch, the company has preferred Mumbai over a city like Bangalore that has the biking culture because "having a store-front in Mumbai bang on Linking Road is a crucial part of building the presence of the brand in India," Bafna said. Giant will be introducing a line of cycles specially meant for women - Liv.
“The plan is to build a community for cycling enthusiasts, much like what we have done for runners for Asics,” he reveals. Members of the community can take part in rides that Giant will plan for the group and other cycling-related activities. They also have various experience stores in India where one can pick and try out Giant bikes according to their needs and comfort levels. Giant will also work with the traffic police department to develop infrastructure that will support the hobby of cycling,” said Bafna.
Bafna says that with the marathon market completely saturated, people are now moving towards cycling and that this market will open up over the next five years. “Currently our activities will be focussed on seeding the market. We expect a growth of around 7-9 per cent over the next year.” He says that if infrastructure improves, he can expect the growth to go up by 4-5 per cent over the current 7 per cent projection. And by 2022, he expects a growth of 15 per cent.
Giant will target working professionals in the Rs 80,000 - Rs 1,00,000 monthly income band. The price of the cycles range from Rs 35,000 to Rs 10,80,000. The top-of-the-line products are specially meant for athletes who compete in sporting events like Tour de France and Iron Man. In the last 10 months, Giant has sold 800 cycles in India and plans to hit 1,000 units by the end of financial year.
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