The world’s biggest luxury group, LVMH Moët Hennessy Louis Vuitton, has announced a sponsorship deal with the 2024 Paris Olympics and Paralympics (commonly referred to as “Paris 2024”), joining the ranks of top-tier French sponsors such as banking group BPCE, pharmaceutical maker Sanofi, and supermarket operator Carrefour as a Premier Partner ahead of next year’s showpiece event.
Under the terms of the deal, LVMH will design the Paris 2024 medals. The luxury brand will also sponsor athletes, including French swimmer Léon Marchand, with its beauty retailer Sephora set to sponsor the Olympic torch relay.
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Reports suggest that Antoine Arnault, one of LVMH CEO Bernard Arnault’s five children, played a crucial role in closing this high-profile agreement that would see the company sponsor Paris 2024. The 46-year-old is Head of Image at LVMH and was reportedly negotiating the promotion of the company’s brands, which included Louis Vuitton and Dior, as well as its champagne offerings. A source close to the group claimed the deal to have cost €150 million.
Antoine, reportedly, also wants to use the event to help convey LVMH’s role as a leader of craftsmanship and French heritage. The aim is to do so without excessive brand logo displays, which might “cheapen” its image.
LVMH’s involvement in Paris 2024 could see high-profile social media and other campaigns for its leading labels. A similar concept was introduced at the 2022 FIFA World Cup in Qatar last November, where fans saw football stars Lionel Messi and Cristiano Ronaldo photographed facing off in a game of chess in a Louis Vuitton campaign ad.