French luxury conglomerate LVMH Moët Hennessy Louis Vuitton SE has reached an agreement with Formula 1 organizers, signing a ten-year sponsorship deal that could be worth around $1 billion...
According to a joint statement, several brands from the LVMH group, including Louis Vuitton, Moët Hennessy, and TAG Heuer, will be part of this partnership, although the details of the agreement have not been disclosed.
This deal confirms rumors that have been circulating for months, suggesting that LVMH would replace Rolex as the main sponsor of Formula 1. Earlier this year, in July, the online magazine Coronet revealed that Rolex was considering withdrawing from its ten-year sponsorship deal with F1, which has been in place since 2013.
Bernard Arnault, CEO of LVMH, stated: “In motorsport, as in fashion, watchmaking, or the production of wine and spirits, every detail is crucial on the path to success. In our workshops and on racetracks around the world, this continuous pursuit of pushing boundaries inspires our vision, and that’s the meaning we want to bring to this great and unique partnership between Formula 1 and our group.”
One of the brands that will benefit the most from this deal is TAG Heuer, whose relationship with auto racing dates back to the 1950s. The brand has long been associated with F1, thanks to its partnership with the Monaco Grand Prix and its collaboration with Red Bull Racing.
Greg Maffei, President and CEO of Liberty Media, which operates Formula 1, said: “We were thrilled to collaborate with one of LVMH’s houses during last year’s Las Vegas Grand Prix, and now we are pleased to expand our relationship as a global partner. We look forward to a great partnership with Bernard and Frédéric Arnault in the years to come.”
