Luxury goods group LVMH is in talks to buy the trendy cyclewear company Rapha as part of a move into the sports and leisure sectors.

Rapha, founded in 2004 by cycling enthusiast Simon Mottram, is known for high-performance gear and premium prices.

The company supplies Team Sky – the professional British cycling team which includes three-time Tour de France winner Chris Froome.

Bespoke: Chris Froome's Tour de France cycling kit is made by Rapha

Its latest accounts for the year to January 31, 2016, show Rapha made a pre-tax profit of £1.1 million on a turnover of £48.8 million.

LVMH, which had a turnover of €35.7billion (£30.4billion) last year, owns more than 70 luxury brands covering everything from fashion and retailing to cosmetics, wines and spirits.

Its best known names include Louis Vuitton, Moet & Chandon, Christian Dior and Bulgari.

The group, majority-owned by its French entrepreneur chairman and chief executive Bernard Arnault, is eyeing opportunities in sports and leisure.

It is also thought to be looking at Italian bike brand Pinarello, which supplies Team Sky.

A source confirmed that LVMH and Rapha were in talks. Both firms declined to comment.

Rapha tells the story of its launch just over a decade ago on its website.

It says: 'Founded by Simon Mottram in London in 2004, Rapha launched with a month-long exhibition in East London’s Old Truman Brewery.

'Entitled Kings of Pain, it showcased six heroes from cycling’s golden era and beyond: Fausto Coppi, Jacques Anquetil, Raymond Poulidor, Tom Simpson, Eddy Merckx and Bernard Hinault.