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Formula 1 concludes lucrative deal
Formula 1 gains a new sponsor. The lucrative partnership with a French luxury giant has been running for ten years.
Formula 1 gains a new sponsor. The lucrative partnership with a French luxury giant has been running for ten years.
The French luxury group LVMH will become a global sponsor of Formula 1. On Wednesday, the company and the premier motorsport class announced a ten-year global collaboration starting in 2025.
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Media reports previously spoke of a deal worth $150 million (around €135 million) annually, according to the news agency AFP However, this amount amounts to “less than 100 million” US dollars. Details are expected to be announced early next year.
Several of the luxury giant’s luxury brands (Louis Vuitton, Moet Hennessy and Tag Heuer) will be involved. The group includes a total of more than 70 brands in the areas of fashion, leather goods, wine, spirits, perfume and jewelry. The group was already a partner of this year’s Olympic and Paralympic Games in Paris.