LVMH and Formula 1 are teaming up in a big way. The French luxury group has just announced that it has signed a global partnership with the motorsports championship for the next decade. Starting in 2025, this collaboration will kick off at the Melbourne Grand Prix in March.
After months of rumors about Rolex stepping away from its role as global partner and official timekeeper, a position it’s held since 2013, the news is finally out. This shift comes as more luxury brands are strengthening their ties with Formula 1, especially as the sport gains a whole new audience, thanks in part to the growing popularity of Netflix’s “Drive to Survive” series.
“The people, the quest for excellence and the passion for innovation are at the heart of the activity of our Maisons and Formula 1,” said Bernard Arnault, Chairman and CEO, LVMH Group in the joint statement. “In motorsport as in fashion, watchmaking or wines and spirits, every detail counts on the path to success. Both in 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.”
Formula 1 is often seen as the pinnacle of motor racing, and the numbers back it up. Last year alone, 60 lakh fans showed up at the tracks, and over 150 crore people tuned in across 24 races. On average, around 7 crore viewers watch each race, with some events pulling in over 10 crore. And it’s not just on TV—Formula 1’s social media following has grown to more than 6 crore across all platforms.
CEO of LVMH Watches, Frédéric Arnault said, “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…….With our Maisons and the expertise of our Group, we want to further growth this experiential dimension that Formula 1 provides all over the World.”
Though the specifics haven’t been fully revealed yet, LVMH has shared that some of its key brands—like Louis Vuitton, Tag Heuer, and Moët & Chandon—will be involved in race weekends around the globe. They’re also set to have a part in celebrating Formula 1’s 75th anniversary in February. Other brands from LVMH’s Moët Hennessy wine and spirits division might join in during select races as well.
This new partnership isn’t expected to impact existing deals, such as Tag Heuer’s with the Oracle Red Bull Racing team or Lewis Hamilton’s role as a Dior ambassador. For Tag Heuer, this partnership feels like a homecoming. The Swiss watch brand was once the official timekeeper for Formula 1, holding that role from 1992 to 2003. Now, it’s gearing up to reconnect with the sport once again.
“As Formula 1 continues its global growth, attracting new and more diverse audiences, the strength and breadth of LVMH make 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,” stated Stefano Domenicali, President and CEO, Formula 1.
For the last four years, the Grand Prix de Monaco winner has been handed the trophy in a specially made Louis Vuitton trunk, adding to the French brand’s deep ties with sports. Louis Vuitton has worked with several major events, including the FIFA and Rugby World Cups, the Australian Open, and now, the 2024 Olympic and Paralympic Games.
This post was last modified on October 5, 2024 9:56 am