Source: REUTERS/Maxim Shemetov
[Saba Sports News] The renowned luxury goods group LV recently announced a significant partnership with F1, entering into a 10-year cooperation agreement. Starting in 2025, LVMH will become F1’s global partner. The luxury watch brand Rolex has been replaced by LVMH as F1’s global official partner since 2013. It is reported that LV was able to replace Rolex as a partner primarily due to financial reasons; Rolex sponsors the event at approximately $50 million per year, while LVMH has raised its sponsorship amount to $150 million, three times that of Rolex’s offer. LVMH’s substantial investment reflects its determination to further advance in the watch category. For LVMH, partnering with F1 will bring various positive impacts, including enhancing brand global visibility and influence, especially in motorsport and emerging markets like China.