Pawan Munjal of Hero MotoCorp has said that relationship with champion golfer Tiger Woods has been mutually beneficial, as CNBC-TV18's Parikshit Luthra caught up with him at the Hero World Challenge in the Bahamas. Munjal also spoke about the company's global strategy, push towards premiumisation, BS-VI transition, and the impact of economic slowdown on business.
“Hero is a huge brand in India. Hero was mostly a domestic brand but when we started going out of India to various other markets whether it’s Africa, Latin America, Central America, the brand was almost unknown in other markets in other countries,” Munjal said.
“Our association with Tiger Woods gave us immediate recognition. People know Tiger Woods across the globe whether he/she is a sportsperson or not but Tiger Woods is a global icon, not just a sporting icon,” he added.
On global economy, he said: “There seems to be a slowdown across the globe especially so in oil markets and many of our global markets are oil dependent markets. We have seen Colombia market shrinking, we have seen Nigeria shrinking, Argentina going through hell and similarly many other markets facing a lot of headwinds."
Munjal added: “Yes, we have looked at our strategy. We were going across many markets, we had plans to go to 50 markets. However, right now we will focus on the big markets and try and increase our numbers in these markets, try and increase our market share in these markets.”
On premium segment, he said that Hero MotoCorp has more products in the pipeline to be introduced in the sector.
On BS-VI front, the new emission norms that will come into force from next year, Munjal said that his company has taken the lead in the transition.
“We have already discontinued over 50 BS-IV products so we can quickly transition into BS-VI. We have already started production of various other models. Over the next one or two months we probably will be transitioning into BS-VI with entire range,” Munjal added.