It’s official: after months of discussions, LVMH announced on Monday it is sponsoring the Paris 2024 Olympic and Paralympic Games as a premium partner, the highest level.
The announcement kicks off the one-year lead-up to the Games, which will run from 26 July to 11 August. During a conference at Grand Palais Éphémère, LVMH chairman and CEO Bernard Arnault, president of the Paris 2024 Olympic organising committee Tony Estanguet and Paris’s mayor Anne Hidalgo came together to discuss the sponsorship.
“Over several months, Paris 2024 and creative teams from LVMH and its maisons have explored a shared desire to make these Olympic and Paralympic Games an unforgettable experience that rewrites established codes,” according to a statement from LVMH.
Between now and the opening ceremony, LVMH and its maisons — in particular Louis Vuitton, Dior and Berluti — will present, with approval from the committee, the different aspects of the sponsorship. Already confirmed: LVMH-owned jeweller Chaumet will design the Olympic and Paralympic medals; Moët Hennessy wines and spirits maisons will provide their products as part of hospitality programmes during the event; and Sephora will be a partner for the Olympic torch relay, proposing activations for the public.
During the Games, LVMH will also provide financial support and apparel for certain athletes, including swimmer Léon Marchand, who is the world record-holder of the 400-metre individual medley and is a leading medal hope for the French Olympic team.
As part of its partnership, LVMH will also join charity French Popular Relief in support of a programme to facilitate access to sports for 1,000 children and young people aged four to 25 who live in vulnerable situations.
The scale of the partnership reflects LVMH’s firepower and key role in the French economy: the world’s largest luxury conglomerate owns 75 houses including Louis Vuitton, Dior, Loewe, Guerlain and Dom Pérignon, and ranks first in the CAC 40 stock market index by market capitalisation. It also reflects the cultural cachet of LVMH’s houses. Louis Vuitton in June staged its show on the iconic Pont Neuf and made Paris a lead character in the event.
“This unprecedented partnership with the Paris 2024 Olympic and Paralympic Games will contribute to heightening the appeal of France around the world,” Bernard Arnault said in a statement. “It was only natural that LVMH and its maisons be part of this exceptional international event. The values of passion, excellence and inclusion championed by high-level sports are cultivated each day by our teams, motivated by an unwavering desire to surpass limits. Sports is a tremendous source of inspiration for our maisons, which will unite creative excellence and athletic performance by contributing their savoir-faire and bold innovation to this extraordinary celebration.”
Before the host city for the Olympic and Paralympic Games was selected, LVMH backed the Paris organising committee’s bid by supporting the committee financially. According to sources, it was in the €1 million to €2 million range.
“With its exceptional know-how, the LVMH group will bring its immensely creative talent to this project and enable us to benefit from its extensive experience. This partnership also sends a powerful signal that France’s leading businesses are behind the Paris 2024 Games, which will let our country shine brightly around the entire world,” Estanguet said in a statement.
This article was originally published on Vogue Business.
