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How Royal Enfield Crushed Foreign Brands?
Royal Enfield is one of the most admired motorcycle brands in India and you would be shocked to know that, in the past 25 years, while the stock price of Apple has shot up by 73,512.90%, and from the day of listing, the stock price of Alphabet shot up by 489.68%, Tesla shot up 18,513.28%, Bajaj finance shot up by 131,918.26% whereas the stock price of Eicher motors has shot up by 400,412.30%!!! While most people know Royal Enfield to be a legendary brand today, what they don’t know is that Royal Enfield was on the verge of shutting down not once but thrice in its history!! And it was in such terrible condition that first a UK company tried to revive it but they failed, then an Indian company called Madras motors tried to revive but again they failed and finally even Eicher motors tried to revive the company for 6 years and they again failed!! And just when they were about to shut down the company, a 26-year-old named Sidhartha lal pleaded with the board to give them one last chance!!! And this boy did something so incredible that back in 2000 Royal Enfield had a capacity of 6000 units a month but could sell only 2000 units!! But after Sidhartha took over in just a few years, they went from 25,000 units a year to 50,000 units sold to 100,000 units to 200,000 units to 400,000 units and as of 2023, Royal Enfield has seen its sales shot up by 36 times to hit 920,000 units in a single freaking year!! And today Royal Enfield sells not just in India but also exports bikes to 50 other countries all across the world!! So the question, When 3 big companies could not revive the brand, What did this 26-year-old boy do differently because of which today Royal Enfield has become a global sensation? What were his business strategies that saved Royal Enfield from shutting down? And what are the business lessons that we need to learn from the iconic rise of Royal Enfield?