Groupe Michelin is acquiring a 40% stake in France’s leading online tire retailer Allopneus. The tiremaker is investing roughly €60 million for its minority share in the internet company.
Working with Allopneus, Michelin will expand its online range and extend its commercial presence, the tiremaker said.
“Getting Michelin to grow means understanding our markets in detail, so as to anticipate and satisfy the needs of our customers,” said Michelin Group CEO Jean-Dominique Senard. “This alliance between two pragmatic companies manifests our desire to satisfy motorists to whom we are able to offer a simplified and financially-advantageous path from searching for information on the Internet through to getting their tires fitted by professionals.”
Allopneus currently holds 7% of the French tire market share and sold roughly 3 million tires in 2014. The company was established in 2004, and employs roughly 200 people.
Michelin’s acquisition of shares in Allopneus SAS is subject to validation from the French Competition Authority.
