The world number one in luxury, LVMHannounced this Wednesday jointly with the Formula 1 a global sponsorship starting in 2025 for a duration of ten years, a financial commitment estimated at several million dollars.
LVMH was one of the main sponsors of the Paris 2024 Olympic and Paralympic Games.
Various press reports had evoked a contract of 150 million dollars a year, but the value of that sponsorship, in which several LVMH brands will be involved (Louis Vuitton, Moët Hennessy and Tag Heuer) is “less than 100 million” dollars, a source close to the agreement told AFP
The group of French millionaire Bernard Arnault, owner among others of the Louis Vuitton brand and several wines, thus joins other sponsors in Formula 1 such as DHL, Heineken, MSC Croisières, Pirelli and Qatar Airways.
Details will be specified at the beginning of 2025.
“The collaboration with one of the LVMH houses (Moët Hennessy) during last year’s Las Vegas Grand Prix won us over, and that is why we want to extend our relationship with the group, which becomes a global sponsor,” he declared. Greg Maffei, CEO of Liberty Media, owner of Formula 1, cited in the statement.
“In the sport of motorsport as in our industry, from fashion to watches, every detail counts on the path to success,” said Bernard Arnault, also cited in the statement.
Although the group’s brands (Louis Vuitton, Tiffany, Tag Heuer…) are already present in sports competitions, it is only the second time, with the Paris 2024 Olympic and Paralympic Games, that LVMH signs a sports sponsorship in its own name. .
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
