"The online bike trade in Europe is undergoing rapid change. Against this backdrop, Migros has decided to sell its majority stake in Probikeshop to Internetstores Holding GmbH, based in Esslingen near Stuttgart," Migros announced in a press release. The change of ownership gives Probikeshop the opportunity to grow further in Europe.

In 2011, Migros acquired 51% of the shares in the French online bike retailer Probikeshop. The founder and CEO Olivier Rochon retained 49 percent. Since the takeover, Probikeshop has multiplied its turnover from EUR 10 million (2011) to almost EUR 70 million (2016). This growth was primarily achieved in the home market of France as well as in Spain and Italy.In the course of a careful review of its entire portfolio of retail companies, Migros has now come to the conclusion that Internetstores, Europe's leading online bike retailer, offers Probikeshop optimal conditions for sustainable development. The sale of Migros' majority stake is subject to approval by the antitrust authorities. The parties have agreed not to disclose the purchase price. Internetstores is active in the bicycle market with brands such as bikester, fahrrad.de and Brügelmann.

European bike retail is in a phase of consolidation and Internetstores has the necessary expertise to continue Probikeshop's success story, Migros added. The 170 employees, including the founder and CEO, will remain fully committed to Probikeshop in the new environment.

For Migros, this step means focusing on the domestic market. In the bike sector, it recently launched Bike World, a new and much-discussed specialist retail format. Customers should also be able to order online from Bike World from the fall.www.probikeshop.com