US Markets
Wednesday, October 2nd, 2024 4:15 pm EDT
Key Points
- Formula One (owned by Liberty Media) and luxury brand conglomerate LVMH have entered into a 10-year partnership, starting with the next F1 season, focusing on hospitality, activations, limited editions, and content creation.
- The partnership builds on the success of their previous collaboration during the 2023 Las Vegas Grand Prix, where LVMH’s involvement was well-received.
- Both companies aim to expand their commercial platforms through this collaboration, with more partnership details expected in 2025, though financial specifics were not disclosed.
Liberty Media-owned Formula One and luxury conglomerate LVMH have entered into a 10-year partnership that will commence at the start of the next F1 season, according to a joint press release. This collaboration will encompass various elements, including hospitality, unique activations, limited-edition offerings, and exclusive content. The partnership builds on previous successful collaborations, such as last year’s Las Vegas Grand Prix, where F1 worked with one of LVMH’s brands, marking a successful team-up. Liberty Media’s president and CEO, Greg Maffei, expressed optimism about the partnership, highlighting it as part of Formula One’s broader vision for expanding its commercial platform. LVMH, known for its prestigious brands like Louis Vuitton, Moet Hennessy, and TAG Heuer, aims to push the boundaries of innovation, both in their luxury products and in F1 circuits globally. Bernard Arnault, LVMH Group’s chairman and CEO, described the partnership as a symbol of their shared pursuit of excellence. While no financial details were provided, further specifics about the collaboration are expected in 2025. This strategic move underscores the alignment between two global giants as they seek to enhance their brand presence and push new boundaries together in the world of luxury and sports.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/10/02/lvmh-formula-one-partnership.html
