French luxury goods giant LVMH announced on Wednesday that it has signed a 10-year sponsorship agreement as F1’s global partner.
The Paris-based multinational, like F1’s governing body the FIA, is best known for brands such as Louis Vuitton, Moët Hennessy and TAG Heuer.
The partnership with F1, estimated to be worth hundreds of millions of dollars, comes on the back of close sponsorship of the Paris Olympics and Paralympics.
LVMH, owned by Bernard Arnault, one of the world’s richest men, joins F1’s other major sponsors including DHL, Heineken, MSC Croisière, Pirelli and Qatar Airways.
The company said in a statement that Wednesday’s announcement follows its successful sponsorship of last year’s Las Vegas Grand Prix.
The deal is due to start next season, when F1 celebrates its 75th anniversary.
According to Arnault, the association is a match made in luxury heaven.
“People, the search for excellence and a passion for innovation are at the heart of what our House and F1 do,” he said.
“In motorsport, as in fashion, watchmaking, wine and spirits, every detail is important on the path to success.
“In our workshops and on circuits around the world, the constant quest to push boundaries is what fuels our vision and this is why we are committed to this wonderful collaboration between F1 and our group. It’s the meaning we want to bring to a unique partnership.”
Greg Maffei, boss of F1’s owner Liberty Media, said: “LVMH and F1 are two world-class companies that are constantly pushing the boundaries of creativity and innovation and championing Liberty Media’s core values. It’s a great brand.”
“We are very pleased to have collaborated with one of the LVMH Maisons at last year’s Las Vegas Grand Prix, and now to expand our relationship with the Group by having LVMH Maisons become a global partner.”