Royal Enfield believes that with upgrading customers in emerging markets and more urban customers in mature markets, the potential of the mid-size motorcycle market globally is many times its current size. In Latin America and South-East Asia, motorcycles, like in India, are popular as the favourite means of daily commute. The size of these markets is much larger than in the developed countries, and with low penetration levels these markets are similar to India with enormous potential to upgrade to mid-sized motorcycles. Royal Enfield with its evocative and engaging products is very well placed to catalyse the shift to mid-size motorcycles in such markets.
As part of Royal Enfield's city led approach, the brand has 12 exclusive stores in key international cities. We opened our second store in London and our first exclusive stores in Paris, Madrid and in Dubai in the 'mature' or developed markets. Colombia in South America was the first emerging 'white-space' market where Royal Enfield launched its retail presence in 2015 with one exclusive store each in Bogota and Medellin. The brand has seen a lot of traction given its highly differentiated design and road presence. Today Royal Enfield has 5 exclusive stores in Colombia in Bogota, Medellin, Cali and Barranquila. In addition to the look-feel that reflect Royal Enfield's unified global retail identity, these stores have been positioned as destinations for enthusiasts and customers with interesting in-store events and programmes. Riding being at the heart of a Royal Enfield experience, these stores also see a lot of
ride-outs on weekends.
I love this motorcycle's style and I have not found a motorcycle like this, with this classic and vintage style but at the same time at an affordable price; I think this was the trigger for my purchasing decision.
Every customer is highly satisfied as of today. We have mostly enthusiast buyers up to now, but slowly the word of mouth is spreading about the easiness to drive it daily as well.