LVMH and Formula 1 announce 10-year partnership | Wilnesh News

liberal mediaFormula 1 luxury goods giant LVMH The partnership will last for 10 years, according to a joint press release issued by the companies Wednesday afternoon.

The partnership will officially launch at the start of the next F1 season and will include “hospitality, bespoke activations, limited editions and exciting content”.

This official arrangement is not the first cooperation between LVMH and F1. Greg Maffei, president and CEO of Liberty Media, said F1 collaborated with one of LVMH’s brands during last year’s Las Vegas Grand Prix and the collaboration was a success.

“The opportunity to expand our commercial arrangements is emblematic of our vision for Formula 1 as the business continues to develop its platform,” Maffei said in a press release. “We look forward to working with Bernard and Frederic in the coming years. ·Arnault cooperation.”

LVMH owns brands such as Louis Vuitton, Moet Hennessy and TAG Heuer, which will be included in the scope of cooperation.

“Whether it’s in our workshops or on racetracks around the world, it’s this constant search for breaking boundaries that inspires our vision, and that’s what we want to bring to Formula 1 and this great and unique experience between our Group. The significance of this partnership,” Bernard Arnault, chairman and chief executive of LVMH Group, said in a press release.

More details about the partnership will be announced in 2025, but the press release did not include any financial details.

Liberty Media acquired F1 in 2017 and has driven the league’s growth in recent years.

Netflix In 2019, F1 launched the behind-the-scenes series Formula 1: Drive to Survive, which helped push F1 from a niche sport to a more mainstream audience, who became fans after seeing the personalities of individual drivers. The movement is also driven by social media and content creators, giving people more ways to become fans.

The next Grand Prix will be held in Austin, Texas on October 20th.