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, based in Paris, has an impressive portfolio of 75 brands spanning various industries such as wines & spirits, fashion & leather goods, perfumes & cosmetics, watches & jewellery, and retailing. Bloomberg suggests that LVMH might replace Rolex as F1’s official timekeeping partner with its own Tag Heuer brand, a deal worth a reported $150 million annually, including branding and activations for other LVMH brands. Discussions for a multi-brand deal with Formula 1 are ongoing, with LVMH’s CFO mentioning talks during an investor call in July. LVMH already holds partnerships in sports like the Fifa World Cup, NFL, and the Olympic games, positioning F1 as the next potential platform for its brands. If finalized, a partnership with F1 would further solidify LVMH’s presence in the sports world and maximize visibility on a global scale.
