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Trek Bicycle, a bicycle manufacturer from US, tested the Indian ground in 2006. Since then it enjoyed an excellent ride. Navneet Banka, Country Manager, Trek Bicycle India, shares more about the brand’s retail plans and growth strategy. By Shipra Srivastava
How has been your journey over the years?
We entered the India market in 2006 in partnership with a local company and now we are a 100% wholly-owned subsidiary of Trek Bicycle Corporation. The past 12 years have been an amazing experience in every which way and our commitment to India has grown stronger. We have been working hard with our retailers to increase their awareness about trends and technologies in the trek bicycle industry so that they can pass on this knowledge to their customers and thereby boost the market. This is a very premium market that we operate in and it is important to drum up enthusiasm among potential buyers. So far, we have sold more than 27,000 bikes in India and that, I feel, is a good number.
Has the market for such premium bikes grown over the years?
With an increasing interest in trek cycling as both a fitness activity and adventure sport, the market has been on a constant growth curve. It has been growing at a CAGR of 20% for the past five years. This can also be attributed to the fact that young people have more spending power now than compared to earlier years.
What is the company’s status in terms of self-owned retail stores?
We have already tied up with many retail partners. In fact, we have covered 11 major cities through our network of dealers and retailers. As we go forward, we will continue to scout potential partners, not necessarily bicycle retailers, but also in other segments such as fashion, lifestyle, health and fitness, etc. The key thing for us is to offer the right kind of experience because that is the core value of the brand. We are also working towards taking this retail experience to the next level and have developed a technical training centre at our corporate office where we invite all dealership sales consultants and their technicians for training sessions.
What are your plans for the Tier II markets?
We already have a presence in the Tier II cities, including Indore, Haldwani, Vijayawada, etc. and we will keep expanding in such markets.
Is there a plan to expand the portfolio?
We will keep on adding to our existing portfolio, which varies based on the country we operate in. There is no global or fixed portfolio.