Royal Enfield is growing 35% QoQ, acquires UK based Harris Performance
Who hasn't been charmed by the Royal Enfield legacy? As the company says, “We have been creating modern classics since 1901.” An Indian motorcycle manufacturing company based in Chennai, Royal Enfield is a confluence of the British Motorcycle company, Royal Enfield and indigenous Madras Motors. Now a subsidiary of Eicher Motors Limited, an Indian automaker, Royal Enfield lives strong in the hearts of millions of bike lovers. And off late, the company is revving up and no one is complaining. Most recently, Royal Enfield has acquired UK based Harris Performance. The sum has been undisclosed but it speaks a lot about the company’s ambition.As Overdrive reports, after years of slow sales and little money, Royal Enfield has seen a remarkable upturn in sales and it’s currently growing at about 35-40 per cent every quarter. Talking of the acquisition, Royal Enfield CEO Siddartha Lal said, “Royal Enfield is working on its new generation of products and platforms. To have the Harris Performance team dedicatedly working with us will clearly enhance our engineering and product design capabilities.” Current staff at Harris Performance will join the UL Tech Centre of Royal Enfield.
Over thirty years ago, Harris Performance Products Limited was established by brothers Steve and Lester Harris and third director Stephen Bayford. Harris Performance currently designs, develops, manufactures and markets road and racing motorcycle chassis and components that are marketed in the UK and exported worldwide. They are the same outfit responsible for building the frame for Royal Enfield’s Continental GT.
The plans for Royal Enfield look exciting. INR 500 crore is expected to be invested towards research and development, new product development, capacity expansion and the setting up of two technology development centres in Chennai and in the UK. RE is working on two new engine platforms based on which new bikes would be introduced in 2016. These bikes are not likely to be for hardcore bike enthusiasts but ones which cater to a wider audience with engine capacities ranging from 250 cc to 750 cc. The first new bike is likely to be named Royal Enfield Himalayan.
Website: Royal Enfield