Apollo Tyres Ltd. has made further inroads into the Sri Lankan market with the opening of its first branded retail outlet in the island nation.
Christened as Apollo Zone, this outlet is designed to provide customers with an enhanced retail experience and a better feel for the brand and products -- both passenger and commercial vehicle tires. It is located in the up-market area of Galle Road in Colombo, and is operated by Apollo's business partners, Ideal Wheels & Tyres (Pvt) Ltd.
Sri Lanka has become one of the fastest growing export markets for Apollo, with sales increasing by more than 50% year-on-year.
"Sri Lanka is at the cusp of growth, especially the regions which were most affected by war," says Satish Sharma, chief of Apollo's India operations. "Also, there is enough movement of commercial vehicles due to the rapid infrastructure development across the country; this, in turn, leads to increased demand for tires.
"Branded retail outlets, such as the one which we have opened today in Colombo, will result in an higher visibility for the Apollo brand."
The Apollo Zones follow a modern up-market retail format for selling tires, "ensuring ample visual appeal, comfort and convenience to customers, and providing an opportunity to learn about the product's applications and performance before making the final purchase," according to the company. "They, thus, bridge the gap between tires being a low involvement category product and the need for expert guidance, to enable customers to buy the right tires, suited to their vehicle and driving style."
Nalin Welgama, chairman, Ideal Wheels & Tyres, says the venture is already a success. "We are proud to announce that we have been able to capture a lion share of the truck-bus bias tire market in our territory within a short span of time..... the opening of the ultra-modern Apollo Zone and island-wide distributor network will enable us to consolidate our market share further."
Ideal Wheels & Tyres is led by Welgama, ex-captain of Sri Lankan Cricket Team; and Aravinda De Silva, the deputy chairman. They are the sole distributors of Apollo's tires in Sri Lanka.
