The winner will receive the medium-sized white version of Tokyobike's CS 650 Limited bicycle – a luxury edition of the brand's Classic Sport model.
The eight-speed bike features a Brooks England leather handlebar and saddle, as well as fast, 650C wheels. The standard retail price is £720.
The bag is a version of the brand's signature Frances style with cycling-friendly features. It has a proofed nylon exterior, a reflective strip, and a loop for a cycle light.
It also has a padded back for comfort and a padded pocket inside to keep a 13-inch laptop or other smart devices safe whilst riding. The winner can choose either the bright orange or navy blue version of the bag, which usually retails for £145.
The winner of the competition must be able to collect the bicycle from Tokyobike's London store, 87-89 Tabernacle Street, EC2A 4BA. The bag can be shipped to the winner or also collected in person.
Tokyobike is an independent bicycle company that was founded in the Tokyo suburb of Yanaka. Focusing on lightweight and comfortable design, it produces bikes intended for cities.
The brand first teamed up with Ally Capellino in 2016, which saw the debut of their cycling-conscious backpack range.
Tokyobike has previously paired with footwear designer Tracey Neuls to produce shoes with rubber soles and reflective strips specifically for bike riders.