Formula 1 has agreed a staggering deal with luxury goods company LVMH (Louis Vuitton Moet Hennessy) which will invest around $1billion into the sport over the next 10 years.
LVMH owns several well-known luxury brands, including Moet & Chandon champagne which is now set to replace Italian sparkline wine Ferrari Trento on the top-three podium when the agreement starts next year.
Louis Vuitton, meanwhile, will provide the cases for race trophies and watch brand Tag Heuer, which has its own deals with Red Bull and the Monaco Grand Prix, will replace Rolex as F1’s official timekeeper.
It is thought the sport’s changing demographic – with a younger audience in light of the Netflix-inspired boom in worldwide popularity – and American expansion with three races a year has led to LVMH’s involvement.
The contract with LVMH is reported to be worth about £76million ($100m) a season to F1.
F1 CEO Stefano Domenicali said: “Our sport is founded on the relentless pursuit of excellence, a value that also lies at the heart of LVMH, so I am delighted to announce this historic partnership will begin in 2025.
“As Formula 1 continues its global growth, attracting new and more diverse audiences, the strength and breadth of LVMH makes it the perfect partner for us to work with as we look to continually enhance the experience of our fans and the heritage of our incredible sport.
“This is a landmark partnership for both companies, and I would like to thank Bernard and Frederic Arnault for their vision and commitment to bring this to life.”
LVMH Group CEO Bernard Arnault added: “The people, the quest for excellence and the passion for innovation are at the heart of the activity of our Maisons and Formula 1.
“In motorsport as in fashion, watchmaking or wines and spirits, every detail counts on the path to success.
“Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our Group.”
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
