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'Underdog' That Wants
to Conquer the World
...and the award goes to EMERGING CO OF THE
YEAR EICHER MOTORS
Royal Enfield maker Eicher Motors, one of the most
profitable auto makers in the world, is out to build a
global brand.
When ET caught up with Siddhartha Lal, managing director
and CEO of Eicher Motors, over the phone after it was
selected as the `Emerging Company of the Year', he was
in Cardiff, Wales, watching a world cup rugby match.
He supported the underdogs, France, in the Saturday evening
match against the All Blacks (New Zealand).
“I like the feeling of an underdog,“ Lal said.
From being an underdog, Eicher Motors' Royal Enfield bikes
have come a long way in
the local market. But, for the
young and dapper CEO who has now relocated to London,
the plans are global.
“In India, we are no longer the underdogs...But, at the
global level, we are competing with people who are 10 times
the size. And, against them, we are the underdogs,“
he said. “I like to be in that position of an underdog.“
Having established the brand in India, which took over
a decade, he wants the thump of the Royal Enfield bike
to reverberate on the roads in Latin America, Europe and
Southeast Asia.
“I would say the first half of my career, from 2000 to 2015,
was spent building a brand in India. So, the next half of
my career... may be the next 15 years, will be spent building
a global brand.“
That's a long and arduous time frame in a world where the
performance of promoters and companies is measured by
financial quarters of three months. Eicher investors have
voted in its favour, giving the company a market
capitalisation of a little less than `50,000 crore. It is the
most profitable automobile manufacturer in the world
with a profit margin of over 25%, Lal said. “We are not
in a hurry . We're not saying we'll go with our guns blazing
and try and conquer the world. It doesn't happen that way .
People don't just adopt a product when you bring it in.
We have to create an association, a story and an affinity
towards people around you,“ said Lal. When the ET jury
met on Friday , there was quite a debate for the Emerging
Company of the Year award.
The jury picked Eicher Motors even though it has been
around for decades. After initial scepticism whether
Eicher deserved to be called “emerging“, the jury
acknowledged how the bikes and trucks maker had
pulled its self together and bet on its Royal Enfield bikes
and com pletely turned it around by making the brand
iconic.
“It's re-emerged,“ said one jury member.
“Sid has proved that making machines in India is passé...
We can build global
brands,“ Bajaj Auto Chairman Rajiv
Bajaj, a close friend of Lal, said, responding to the news.
Lal called the ET award
an important recognition.
“Particularly , this one is large... It does make me feel
good and it's not just for me, but for the whole company ,
brand... from where we
were, to where we've come,“
he said. “I'm internally
celebrating the moment.
I'm watching the match.“
In Cardiff, the All Blacks of New Zealand walloped France.
The story of Royal Enfield against the Ducatis, Triumphs
and Harley Davidsons on the roads of Europe and Latin
America will hopefully have a different ending.
“I think we'll build something that's long-term and lasting,“
Lal said.
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ET19OCT15
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