Luxury giant LVMH has signed a 10-year agreement to become the global partner of Formula 1, which will see the involvement of iconic maisons such as Louis Vuitton, Moet & Chandon and Tag Heuer.
The “unprecedented” partnership will begin next year as the motorsport formula celebrates its 75th anniversary. The financial details were not disclosed, but Reuters reports the deal is valued at more than US$100 million.
LVMH said the partnership will bring together “the best of these two worlds” by combining “thrilling sport and elegant art-de-vivre, wheel-to-wheel racing and time-tested craftsmanship”.
There will be collaborations in hospitality, bespoke activations, limited editions and media content, with further details to be announced early next year, the luxury group added.
According to the Wall Street Journal, watch brand Tag Heuer will replace Rolex as the sport’s official timekeeper, while Louis Vuitton will be involved in trophy presentation by manufacturing cases for the hardware. Moet & Chandon will be used during the drivers’ Champagne-spraying tradition on the post-race podium.
“For many years, several of our Maisons have also chosen to invest in Formula 1, whether to create unique experiences or for moments of celebration,” said Frederic Arnault, CEO of LVMH Watches.
“With our maisons and the expertise of our group, we want to further grow this experiential dimension that Formula 1 provides all over the world.”
The partnership marks another major investment into sports by LVMH. The group recently paid some 150 million euros ($165.77 million) to be the premium sponsor of the Paris Olympics.
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