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Business News: LVMH Close to Formula 1 Sponsorship Deal
The rumours have been swirling for some months that LVMH has replaced Rolex as a key sponsor of Formula 1. As we noted in our July editorial, that wasn’t true yet. According to a source inside F1, LVMH and Formula One Group are on the cusp of a multiyear sponsorship deal starting in 2025. The French luxury group will join Lenovo and Santander as the latest sponsors of F1. Once signed, the deal will mean that LVMH takes the place of Rolex, which had been “Global Partner” of F1 since 2013. The group is not new to F1. TAG Heuer is now a sponsor of Red Bull Racing, while Dior only just signed up Lewis Hamilton as a brand ambassador. But now the group’s many brands – 75 at last count – could stand to gain even more exposure with F1. Marques like Moët & Chandon, Hublot, Loro Piana, and of course Louis Vuitton would have the chance to share in the increasing viewership of the sport, which has been steadily growing its presence in pop culture since it was acquired American media conglomerate Liberty Media in 2017. Besides adding races in glamorous cities like Miami, F1 is now the subject of a hit television series on Netflix. And a film starring Brad Pitt, titled F1 naturally, will premiere on Apple TV next year. LVMH Watch Division chief Frédéric Arnault (third from left) at the 2023 Monaco Grand Prix with the drivers of Red Bull Racing. Image – TAG Heuer TAG Heuer returns More importantly, an F1 deal will be a return to form of sorts for TAG Heuer, the biggest ...
