French luxury goods company, LVMH, has reached a 10-year sponsorship deal with Formula 1 racing beginning in 2025. Several LVMH-owned brands will be involved in the global partnership, including Louis Vuitton, Moët Hennessy and TAG Heuer. Terms of the deal were not disclosed.
LVMH-owned brand TAG Heuer is sponsor of Oracle Red Bull Racing F1 team. Drivers Max Verstappen and Sergio Perez finished first and second at the 2024 F1 Grand Prix of Japan at Suzuka (Photo by Mark Thompson/Getty Images)
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The agreement between the world’s largest luxury conglomerate and the most popular motorsports program in the world will launch at a time of “incredible ongoing popularity, cultural relevance and overall excitement for Formula 1 as a bridge between global sport and entertainment,” the two companies said in a joint statement.
LVMH brands have been involved with Formula 1 racing from the time it started in 1950 through to the present day, said Bernard Arnault, chairman and CEO of the LVMH Group.
“In motorsport as in fashion, watchmaking or wines and spirits, every detail counts on the path to success,” Bernard Arnault said. “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.”
The one LVMH company that will most likely immediately benefit is TAG Heuer, the LVMH watch brand most affiliated with motorsport. The Swiss watch brand already has a well-established relationship with Formula 1 through its long-term partnership with Red Bull Racing and the Monaco Grand Prix.
LMVH head Bernard Arnault in a 2023 photo. (Photo by STEFANO RELLANDINI/AFP via Getty Images)
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“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,” said Frédéric Arnault, CEO, LVMH Watches. “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.”
The move by LVMH dethrones Rolex as the Global Partner and Official Timepiece of Formula 1 World Championship, which it has held since 2013. Rumors that LVMH will be the new sponsor of Formula 1 were being spread for several months. Most recently the talk quieted.
Greg Maffei, president and CEO, Liberty Media, which is the majority owner of Formula 1, spoke about the relationship he already has with LVMH brands.
“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,” Maffei said. “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.”
Stefano Domenicali, President and CEO, Formula 1, added: “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.”
The two companies said further details of the partnership will be announced in early 2025.
