Hankook Tire says there is no cannibalisation with its new Laufenn brand as it aims to target price-conscious consumers in Europe. The supplier unveiled its five-strong Laufenn range at this week's Frankfurt IAA 2015 but insists the addition of the products will grow the market and not take away from existing share.

"There is no cannibalisation between Hankook and Laufenn," Hankook Tire marketing director Europe, Antal Takacs, told just-auto on the Frankfurt show sidelines. "We are creating 10% additional volume [and] production begins in the coming weeks. There is room [in the market]. For Europe the market is crowded, but not for brands with a strict marketing strategy. We know who are the customers. A brand does not fall from the sky [and] a new brand does not happen every year."

Laufenn tyres will become available Europe-wide from spring next year, in summer versions initially, while the products will be commercialised also for the US and Asia, with the latter probably happening in 2016.

"Hankook Tire needs to diversify its own product portfolio," added Takacs. "Laufenn is our first global brand for the European market. We have been travelling all around the world talking to our clients and finally we came to the conclusion if Hankook Tire wants to be in line with the latest evolution on the market, [it] needs to launch a second, global brand. Laufenn offers market coverage above 90% – [it is is a] brand designed by European engineers for European customers. On top of that, we are making Laufenn tyres in our Hungarian factory."