Hero eyes bigger share in premium segment, launches Karizma ZMR
NEW DELHI: Hero MotoCorp, country’s largest two-wheeler maker, is shifting its focus on premium motorcycles as it aims to have a complete portfolio of ‘premium’ products in its line-up and increase its share in a segment where it has a small presence.
Currently, Hero MotoCorp has a market share of 4-5% in the segment. Rival automakers such as Royal Enfield and Bajaj Auto are leading manufacturers of premium motorcycles. The Splendor and Glamour maker expects its share in the category to go up following the launch of Harley Davidson X440 and reintroduction of iconic Karizma ZMR. Hero has plans to launch a new premium product every quarter for the next three to four quarters and give a facelift to its stores.
“We are building a full portfolio in this segment in line with our strategy to win in the premium segment. We are giving a facelift to our current chain of 500 (dealership) outlets over next eight quarters and will be renaming them Hero 2.0 stores. We will be opening exclusive premium stores over the next few quarters. All of this is not just a strategy involving new products but a 360-degree approach that we have taken to win in the premium segment,” said Niranjan Gupta, CEO, Hero MotoCorp. Ranjivjit Singh, head of India business unit, Hero MotoCorp, said in just three months they introduced three new premium motorcycles – Xtreme 160R 4V, Harley-Davidson X440 and now the Karizma XMR. These products are reflective of its focus on rapid growth and market share gains in the segment, added Singh. Hero on Tuesday launched Karizma ZMR at an introductory price of `1,72,900 (ex-showroom Delhi).