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|18th September 2015, 13:13||#1|
Join Date: Feb 2004
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Hero Cycles acquires Firefox Bikes
Hero Cycles has announced that it has acquired Firefox Bikes. As part of the deal, both companies have mutually agreed that Firefox Bikes will continue to have its distinct brand identity and remain a separate business entity post the acquisition. Mr. Shiv Inder Singh, founder and managing director of Firefox Bikes, will continue to lead Firefox as the Chief Executive Officer.
The promoters of Firefox Bikes have divested their entire equity stake in the company in an all-cash transaction to Hero Cycles. The deal includes Firefox brand of cycles, accessories and spares along with exclusive distribution rights of Trek and other global brands.
The move is expected to help Hero increase its presence in the premium segment of bicycles, which is growing at rate of 25%. More than 2 lakh units are sold every year in this segment.
Currently, Firefox sells over seventy different models of Firefox bikes and twenty-five Trek models through a network of 160 company-owned and franchise outlets. Firefox also has tie-ups with international brands, such as Tern, Shimano, Saris, Finish Line, Kryptonite, Super-B and Slime. Hero claims that it will be increasing the number of Firefox stores in the country.
|18th September 2015, 23:19||#2|
Join Date: Feb 2010
Thanked: 107 Times
Re: Hero Cycles acquires Firefox Bikes
Honestly i have never heard of the brand. May be i have been living in a well. But i did some digging and firefox has a truck load of variety in its platter. Good that every thing is performance and quality oriented now at an affordable price range !
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