F1 signs new sponsorship deal with LVMH replacing Rolex

The sponsorship deal, valued at slightly more than $100-Million a year for 10 years, comes into effect in 2025, marks a fresh push by LVMH into the sports world. LVMH paid some 150 million euros ($165.77-Million) to be the premium sponsor of the Paris Olympics.

High end Swiss watchmaker Rolex had been a partner to the Formula 1 since 2013.

Luxury players are increasingly seeking to boost brand exposure with events combining hospitality, travel and entertainment.

At the Paris Olympics, LVMH and other companies broadened the realm of traditional brand sponsorship, taking part in medals ceremonies, for example.

Greg Maffei, President and CEO, Liberty Media, said: “LVMH and Formula 1 are two global brands that consistently push the boundaries of creativity and innovation, values core to Liberty Media. We were thrilled to work with one of the LVMH Maisons during the Las Vegas Grand Prix last year, and to now expand our relationship with the Group as they become a Global Partner. The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform. We look forward to working with Bernard and Frédéric Arnault in the years to come.”

Bernard Arnault, Chairman and CEO, LVMH Group, 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.”

Stefano Domenicali, President and CEO, Formula 1, continued: “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 Frédéric Arnault for their vision and commitment to bring this to life.”

Frédéric Arnault, CEO, LVMH Watches, concluded: “In recent years, Formula 1 has truly become one of the most desirable sports in the world. It's a vibrant discipline that echoes a number of values that are very important to us, such as innovation, team spirit and performance. For many years, several of our Maisons have also chosen to invest in Formula 1, whether to create unique experiences or for moments of celebration. With our Maisons and the expertise of our Group, we want to further grow this experiential dimension that Formula 1 provides all over the world. We are only at the very beginning of this partnership, but the seasons that await us promise to be extraordinary.”

LVMH did not provide financial details of the deal.

(Reporting by Tassilo Hummel and Mimosa Spencer, Additional reporting by GrandPrix247)