After mastering the art of sponsoring a sporting event at the 2024 Paris Olympics, LVMH is now teaming up with ou favorite sporting championship: Formula 1.
In 2025, Formula 1 will celebrate its 75th anniversary. To mark the occasion, the French group LVMH and Liberty Media (the organization that manages, owns and operates the Formula 1 brand) are proud to announce a 10-year global partnership. This is a historic milestone.
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LVMH, the french luxury giant
Bernard Arnaud, CEO of the LVMH Group, is no stranger to sporting partnerships. The French luxury giant was the main partner of the 2024 Paris Olympics and Paralympics. They made their mark with their pursuit of perfection and expertise in exclusivity. Iconic Maisons like Dior, Louis Vuitton, and Berluti contribued to creating the outfits for French athletes, while Chaumet designed the Olympic medals. LVMH also handled ultra-exclusive hospitality and VIP client receptions. It seems the LVMH Group is increasingly turning to sports to reach a new audience.
Formula 1: a business of sponsors
Among Formula 1’s biggest partners, we can mention the Arab oil’s company Aramco, tire manufacturer Pirelli, logistics provider DHL, and cryptocurrency exchange platform Crypto.com. Historically, when we think of Formula 1 and luxury partners, Rolex comes to mind. Next year, however, the partnership with the famous crown-bearing watch brand will likely come to an end, to be replaced by the LVMH Group. By the way, Formula 1 has also recently announced a partnership with toy manufacturer Lego, with an entire collection of exclusive Lego products expected to launch by 2025. This shows that Formula 1 is keen to modernize and sign new partnerships, likely in an effort to continue refreshing its image.
What will the LVMH and Formula 1 partnership look like?
For now, few details have been revealed. In my opinion, it’s unlikely that we will see the LVMH Group logo on the circuit safety barriers. Bernard Arnault and is son, Frédéric Arnault announced in a press release that their presence would be represented by brands like Louis Vuitton, Moët Hennessy and TAG Heuer, which could even become the official timekeeper of Formula 1. Tag Heuer already has a history in Formula 1, having sponsored Redbull Racing. The presence of luxury brands will be strong within the paddocks, offering VIP clients incredible experiences through tailor-made activations, and on the market through limited-edition LVMH products.The Arnault family and Stefano Domenicali have emphasized that the goal is to unite the values of excellence, innovations, and performance to strengthen the connection between motorsports and luxury.
As @F1 gears up to celebrate its 75th anniversary, LVMH and Formula 1 are excited to announce an innovative partnership that promises to redefine excellence.
Learn More: https://t.co/8CGiGS8YaI#LVMH #Formula1 #LVMHxFormula1 pic.twitter.com/NFcjPd8pzd
— LVMH (@LVMH) October 2, 2024
Is the LVMH partnership already controversial?
Signing a global partnership with a luxury brand is a great move, as it will highlight the ultra-exclusive and perfectionist nature of our favorite sport. However, I hope that Formula 1 does not forget its fanbase with more modest means. In recent years, many Grand Prix have been added to the championship calendar, but very few have catered to a more budget-conscious clientele. The Las Vegas Grand Prix, introduced last year, has already shattered the average ticket price record, easily exceeding $1,000.
In any case, it’s great to see some renewal. more details are expected to emerge by the end of the year or early 2025, and I suggest checking out the official press release from the LVMH Group for more information.
Source : LVMH