Exclusive: Classic Legends Restructures Leadership Team as CEO Ashish Joshi Steps Down

Classic Legends, the Mahindra Group-backed company behind the revival of iconic motorcycle brands such as Jawa, Yezdi, and BSA, has announced an internal leadership restructuring following the departure of its long-time CEO, Ashish Joshi.

Confirming the development, Anupam Thareja, Managing Director of Classic Legends, stated, “After a decade of leadership and mentorship, Ashish has decided to move on to the next chapter of his life. His decision is driven by personal reasons, including a desire to return to the UK and spend more time with his family. We respect his choice and remain grateful for the vision and passion he brought to Classic Legends.”

Before joining Classic Legends, Joshi served as the Managing Director – India at Triumph Motorcycles and as the Sales & Marketing Director – Europe for Royal Enfield, bringing extensive experience and expertise to the field. He has over two decades of experience working in the two-wheeler industry across India, the UK, and Europe, under renowned brands such as Royal Enfield, Triumph, and Classic Legends.

In place of a single CEO, the company will now be led by an Executive Council comprising Lalit Verma, Chief Operating Officer; Sharad Agarwal, Chief Business Officer; and Susheel Sinha, Head of R&D.

This leadership collective brings deep domain expertise across manufacturing, retail strategy, product development, and electric mobility, positioning Classic Legends for its next phase of growth, the company claimed. 

Autocar Professional had exclusively reported that Sharad Agarwal, the former head of Lamborghini in India, has joined Classic Legends as its Chief Business Officer.

Lalit Verma brings over four decades of experience in manufacturing and operations, with nearly 20 years at Mahindra & Mahindra across multiple vehicle segments. Susheel Sinha, a veteran of Hero MotoCorp, leads the company’s R&D and electric vehicle initiatives. Sharad Agarwal, returning to the Mahindra fold after holding senior roles at Lamborghini and Audi, brings extensive expertise in business turnarounds and dealer network development.

Addressing the leadership transition, Thareja added, “This is not a reset but a step forward. The Executive Council structure enables us to leverage specialized strengths across verticals, keeping us agile and focused as we enter our next stage of expansion."

Classic Legends clarified that its strategic direction remains unchanged. The company aims to scale its distribution footprint in India and global markets while enhancing its dealership and service experience to deliver a superior ownership journey.

Classic Legends is a partnership with Mahindra, which holds a 60% stake, with the remaining balance shared between Anupam Thareja and Boman Irani, Chairman and Managing Director of Rustomjee Group. In 2023, Classic Legends announced an investment of Rs 1,000 crore in the company to be utilized over a three-year timeframe.

Anish Shah, MD & CEO in the past, has termed Classic Legends one of its growth gems of the future, and the company remains committed to its long-term vision.

Long-Term Views
As Classic Legends transitions to a new executive leadership structure, the company has reiterated its commitment to a measured and sustainable growth strategy. According to Sharad Agarwal, Chief Business Officer, the focus remains on strengthening brand authenticity, expanding market presence, and building long-term value.

The company currently operates in a competitive premium motorcycle segment, with monthly sales averaging around 3,000 units. In comparison, segment leader Royal Enfield sells over 80,000 units monthly. Despite the disparity, Classic Legends is not pursuing aggressive short-term volume gains.

“We are focused on a medium- to long-term trajectory. We’re expanding our footprint, but we want to achieve sustainable growth,” Agarwal told Autocar Professional earlier this month. 

To support this, Classic Legends will be deploying Rs 1,000 crore until FY26 towards marketing, distribution, and new product development. Part of this strategy involves stabilizing the dealership network at approximately 400 outlets to enhance customer access and service delivery.

The company is also preparing for international expansion, with BSA scheduled to enter markets such as the US, Dubai, and Australia in the upcoming financial year. A global rollout of Jawa is also planned.

In the EV space, Classic Legends is adopting a cautious approach. While it has developed the required technology, the company does not intend to rush into the market.

“We don’t want to launch a ‘me-too’ product. We’ll enter the EV segment at the right time,” Agarwal said.

The leadership believes that the company's ability to blend legacy branding with modern performance and customer expectations will be central to its next phase of growth.  

Financial Pressure Persists
While the recent improvement in volumes will help the company financially, it has still faced challenges over the last few years. 

Classic Legends’ financial performance in FY24 highlights the challenges it faces in achieving economic stability, despite a modest increase in revenues.

The company reported a 10.7% rise in revenue to Rs 710.84 crore, up from Rs 642.40 crore in FY23. However, losses remained stubbornly high at Rs 148.41 crore, only slightly lower than the previous year.

Notably, accumulated losses increased from Rs 362.05 crore to Rs 510.67 crore, resulting in a significant erosion of net worth—from Rs 162.94 crore to just Rs 14.32 crore. These figures reflect the company’s ongoing struggle to convert top-line growth into profitability. 

According to the Director's Report sourced from the MCA, in FY24, the company sold 36,680 bikes, compared to 44,077 bikes sold the previous year. During the year, the company improved existing products to comply with OBD2 (Stage 1) and launched the Jawa Classic 350, as well as upgrades for the Jawa42 and Yezdi Roadster variants in the Indian market.  In this context, the planned Rs 1,000 crore capital infusion until FY26 becomes critical. The funding will be directed towards new product development, marketing, distribution, and production expansion, aimed at stabilizing operations, strengthening the dealership network, and supporting global and EV ambitions. The infusion is expected to provide much-needed financial headroom as Classic Legends looks to revive growth and position itself more competitively in the premium motorcycle segment.