French luxury giant LVMH has struck a 10-year sponsorship deal with Formula 1, covering its Louis Vuitton, Moet Hennessy and TAG Heuer brands and replacing long-time sponsor Rolex, the company announced Wednesday.
The sponsorship deal comes into effect in 2025 and marks a fresh push by LVMH into sports. The company, headed by one of the world’s richest men, Bernard Arnault, paid some €150 million ($166 million) to be the premium sponsor of the Paris Olympics.
High-end Swiss watchmaker Rolex had been a partner to Formula 1 since 2013.
Luxury players are increasingly seeking to boost brand exposure with events combining hospitality, travel and entertainment.
At the Paris
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