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Pirelli expects solid growth in Asia Pacific
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Italian tire company Pirelli targets to have 4,500 stores in China’s mainland by 2017 after reaching almost 3,000 points of sales at the end of 2014, as it strengthens its retail network under a promising Asia-Pacific market.
“Pirelli expects an average annual growth in the Asia-Pacific region of around 16 percent in the next couple of years, making it the firm’s fastest-growing market worldwide,” said Giuseppe Cattaneo, CEO of Pirelli Asia-Pacific.
Pirelli is currently the sole tire supplier to Formula One. The company said benefiting from motorsports, its motorsport sales has quadrupled in the past six years in Asia-Pacific, with the brand awareness in premium tire dramatically rising.
For Pirelli, the Asia-Pacific region in 2014 saw a revenue increase of 16 percent, with a 28.3 percent rise in the premium segment.
During an interview at the 2015 Formula One Chinese Grand Prix earlier this month, Cattaneo emphasized the company’s focus on Asia-Pacific’s premium market, especially in China.
The company said in 2014 the Asia-Pacific region gained more than 2 percentage points of market share as a result of consolidated partnerships with leading premium car manufacturers such as Audi, BMW, Volvo, Peugeot, Daimler, and Land Rover.
Pirelli’s global investment in research and development amounted to 205.5 million euro, equal to 3.4 percent of sales. Almost 85 percent of the investment went into premium products, accounting for 6.9 percent of the segment’s sales.
Pirelli’s emphasis on regional development and balance have been further strengthened by dedicating 80 percent of the production to supplying demands from local markets.
In 2015 Pirelli will open in Indonesia its second manufacturing factory in the Asia-Pacific region with a production capacity of 7 million moto tires when it is fully operational.
Pirelli will also invest more in personnel training on product and services to create a team of tire consultants, as well as keep the high quality of store installation and tools in the stores.
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