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Hero MotoCorp takes a premium leap with Rs 4,500 crore investment
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By Nagasunder in Business News, posted June 8, 2023
Hero MotoCorp is embarking on an ambitious journey to transition into the premium segment.
With an investment commitment of over Rs 4,500 crore ($544.9 million) over the next three years, the company aims to elevate its brand and offerings.
This strategic move includes the development of both independent Hero MotoCorp products and collaborations with Harley-Davidson.
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To support this transition, Hero MotoCorp is establishing a brand-new retail concept distinct from its existing stores.
This exclusive retail format will showcase a range of powerful and premium motorcycles, including exciting new models such as Xtreme and Karizma, alongside the co-developed motorcycles with Harley-Davidson.
Niranjan Gupta, the newly appointed CEO and former CFO of Hero MotoCorp shared the new development with Times of India.
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While Hero MotoCorp has traditionally excelled in the volume-heavy commuter categories, the company intends to penetrate the premium market currently dominated by brands like Royal Enfield, Bajaj Auto, and Yamaha.
Gupta drew inspiration from the remarkable turnaround stories of other homegrown Indian brands, such as Mahindra & Mahindra and Tata Motors.
These companies have successfully grown and challenged international luxury car brands in recent years.
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Gupta considers the pursuit of the premium market as a significant opportunity rather than a daunting challenge.
He believes if everything was running smoothly, it would be difficult to identify areas for improvement.
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As a result, Hero MotoCorp plans to launch its highest number of premium motorcycles in a single year, establishing itself as a credible and respected player in the premium segment.
By embracing this strategic shift and investing in product development, retail expansion, and brand building,
Hero MotoCorp aims to captivate discerning premium motorcycle enthusiasts and carve a prominent position in this lucrative market.
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