Formula 1 Shifts Gears: LVMH Takes Over as Main Sponsor in $1 Billion Deal, Ending Era with Rolex

October 4th, 2024, 1:00 PM
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On Wednesday, Formula 1 announced a new sponsorship deal with LVMH, the French conglomerate behind luxury brands such as Louis Vuitton, Dior, and Moët & Chandon. The ten-year partnership is reportedly worth around one billion dollars. With this new deal, it seems that the long-standing partnership between Formula 1 and iconic watch brand Rolex is coming to an end, much to the disappointment of some fans.

In 2025, coinciding with the sport’s 75th anniversary, LVMH will become the new sponsor of Formula 1. The deal is estimated to be worth around one hundred million dollars per year, totaling approximately one billion dollars. LVMH, led by founder Bernard Arnault, is the parent company of many different luxury brands. With a net worth of nearly 190 billion dollars, Arnault is one of the wealthiest individuals in the world.

Formula 1’s Pursuit of Excellence

“Our sport is based on the pursuit of excellence, a value that is also at the heart of LVMH,” said Formula 1 CEO Stefano Domenicali. “I am delighted to announce that this historic partnership will begin in 2025. This is a groundbreaking collaboration for both companies.”

The End of an Era with Rolex

The deal with LVMH likely signifies the end of the long-standing partnership between Formula 1 and Rolex. The Swiss watch brand has been a loyal sponsor since 2013 but has not yet signed a contract for the upcoming year. Many fans expressed their disappointment on social media; they will particularly miss the ‘iconic’ snapshots of drivers with the Rolex logo in the background.

The Silver Lining: LVMH’s Potential Benefits

Fans can take solace in the fact that LVMH brings other benefits. Since 2022, drivers have been drinking prosecco from the Italian Ferrari Trento on the podium, but that partnership also ends next year. LVMH’s Moët & Chandon, the famous champagne maker, could potentially become the new beverage partner. From 2025, the Formula 1 podium celebration could once again take place with champagne.

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