LVMH clinches 10-year sponsorship deal with Formula 1
Adds value of Formula 1 sponsorship deal in paragraph 2
PARIS, Oct 2 (Reuters) -French luxury giant LVMH LVMH.PA has reached a 10-year sponsorship deal with Formula 1 which covers its Louis Vuitton, Moet Hennessy and TAG Heuer brands, replacing long-time sponsor Rolex, the company announced on Wednesday.
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 paidsome 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.
"For many years, several of our Maisons have also chosen to invest in Formula 1," LVMH Watches CEO Frederic Arnault said, adding: "We want to further grow this experiential dimension that Formula 1 provides all over the world."
LVMH did not provide financial details of the deal.
($1 = 0.9049 euros)
Reporting by Tassilo Hummel and Mimosa Spencer; Editing by Kirsten Donovan
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