P1racenews AI automatic summary:
The French luxury conglomerate LVMH is approaching a major sponsorship deal with Formula 1, according to a report. LVMH, a Paris-based company boasts a wealth of brands, 75 to be exact, across several sectors including wines & spirits, fashion & leather goods, perfumes & cosmetics, watches & jewellery, retailing and more. Bloomberg writes that LVMH […]
LVMH, a Paris-based company, owns an impressive portfolio of 75 brands across various sectors, such as wines & spirits, fashion & leather goods, perfumes & cosmetics, watches & jewellery, and retail.Bloomberg reports that LVMH might replace Rolex as F1’s official timekeeper with its Tag Heuer watch brand, with a potential deal worth $150 million annually.LVMH is in advanced discussions to expand its F1 involvement by showcasing more of its brands through sponsorships and activations at F1 events, including its hotel chains and Moet & Chandon Champagne.A potential multi-brand partnership with Formula 1 could be finalized by the end of the year, as hinted by LVMH CFO Jean-Jacques Guiony in a recent call with analysts and investors.LVMH already has strong sports partnerships, evident in its presence at events like the Fifa World Cup, NFL, and the upcoming 2024 Paris Olympics, reinforcing its brand visibility on a global scale.A partnership with LVMH would further boost F1’s brand partnerships, aligning with the sport’s growing global reach and influence in the sports marketing landscape.