TI Cycles, the largest producer of high-end bicycles in India, has entered the professional cycling segment in collaboration with the Ridley Bikes of Belgium. In line with the changes in western lifestyles, TI anticipates a significant demand for racing bicycles from Indian consumers. TI has signed a Brand Licensing Rights agreement with Ridley Bikes, the leader of a pro-cycling segment in Europe, for 33 years.
“The agreement is unique. The collaboration would extend to product development, design and R&D, to develop products appropriate for Indian conditions,” said L Ramkumar, Managing Director, Tube Investments of India. Arun Alagappan, President, TI Cycles of India, pointed to the growing demand of about 32 percent YoY, on the super premium bicycle segment.
Under the agreement, 11 bicycle models that are made for India in the price range of Rs 25,000 to Rs 80,000 and nine models of Belgium in the price range of Rs 63,000 to Rs 7.8 lakh would be introduced. All the models would be imported from Belgium. Ridley will carry out the design and manufacturing while TI will be responsible for sales and marketing.
Launching the models, Joachim Aerts, Chief Executive Officer, Ridley Bikes, said: "This is the first partnership for us outside Europe. Europe, Japan, North America and Canada are biggest markets for us. We felt we have to go a step beyond what we are doing now. With TI Cycles, we hope we can grow together in this partnership in India." He also announced opening an innovation center where Ridley would collaborate with about 54 companies for technology development and upgradations.
Apart from serving the domestic market, the company would also ship Ridley bicycles to neighboring Sri Lanka, Bangladesh, Nepal, Bhutan and Myanmar.