Royal Enfield’s MD and CEO Siddhartha Lal will be relocating to the UK for a year next month onwards to oversee expansion of the business to various international markets.
For strengthening the motorcycle business in different markets overseas, MD and CEO of Royal Enfield, Siddhartha Lal will be relocating to the UK for a year from next month onwards. The Indian motorcycle company is trying to become a global player in the 250cc-750cc class over the next 10 years. Royal Enfield is concentrating on developing engines that will serve the international markets and a lot of work has been undertaken in the UK regarding the same aspect. The MD’s move to UK will see him manage work at the company’s new technical centre in the country, which will act as the leading development centre for all international markets.
At present, 5 percent of total sales for Royal Enfield comes from the international markets, but the company hopes to increase this over the next decade or so. The Chennai based bike maker recently acquired UK based Harris Performance, with the latter helping to scale up research and development work including working on two new engine platforms, based on which new bikes will be launched only for international markets next year. Currently retailing in markets like the UK, US and Europe, entering more markets is the company’s number one priority at the moment.
The new markets where Royal Enfield is planning to sell its motorcycles includes the likes of Latin America and South East Asian countries. On the capacity expansion front, the company will output 50,000 units by the end of this year from the current 38,000 units. Rs. 500 crores will be invested on capacity expansion, new product development and in setting up two technology development centres in Chennai and UK. In India, the company will be opening a couple more cafe type outlets, which will be increased based on customer response.
