$303.58B market-capped luxury brand moves a step closer to sponsor in F1 races

A recent report claims that French multinational holding company and conglomerate, Moët Hennessy Louis Vuitton (LVMH), could soon seal the deal of becoming one of F1's major sponsors. The company could start promoting its major fashion brands in most Grand Prixs if the agreement is complete.

The report was from Bloomberg, which also states that the deal could see the likes of popular watchmakers Tag Heuer, fashion brand Louis Vuitton, and many other sub-companies becoming sponsors. Tag Heuer's potential arrival as a major sponsor could directly affect the 11-year timekeeping sponsorship deal between F1 and Rolex. The popular watchmakers that sponsor the sport have not yet commented on possibly getting replaced if LVMH joins.

The report further states that the sponsorship deal could be worth somewhere around $150,000,000 per year. It is claimed that though there are talks about the deal, the final agreement is yet to be reached.

The rumor that LVMH is trying to become a major sponsor has floated since July 2024. At the time, the chief financial officer of LVMH, Jean-Jacques Guiony, said (via Jeweller):

“I won’t comment on Formula 1. I mean, there are some discussions, but it’s not something I can elaborate on as we speak — nothing is decided. Obviously, the press knows much more than I do. It’s normal. I’m just a CFO. I cannot really comment.”

The exponential popularity boom of F1 has attracted the $303,586,000,000 market-capped conglomerate (according to Bloomberg) to join hands with the motorsport. Other top companies like Rolex, Aramco, Daimler, DHL, Heineken, etc. also have sponsorship deals with the sport.

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F1 promotes Chinese technology multinational to global partner

F1 recently announced the extension of its partnership with Lenovo. The Chinese technology giant will be promoted to a global partner in 2025 with a new multi-year agreement.

"I am delighted that Lenovo will become a Global Partner of Formula 1. Since joining the sport Lenovo’s creativity and passion for technology and innovation have supported Formula 1’s ambitions to create more once-in-a-lifetime moments for fans," F1's Stefano Domenicali said.

Yang Yuanqing, Chairman & CEO of Lenovo, said:

"We are thrilled to elevate our partnership to the next level becoming a Global Partner of Formula 1. Our vision at Lenovo is to harness the power of AI to create a smarter, more inclusive, and sustainable world, accessible to everyone."

Lenovo's subsidiary smartphone company, Motorola, will become the sport's global smartphone partner.