F1 and LVMH Ink $1 Billion Sponsorship Deal

Formula 1 has secured a landmark 10-year sponsorship deal with luxury conglomerate LVMH, estimated to be worth $1 billion, starting from 2025. LVMH will replace Rolex as F1's official timekeeper with its TAG Heuer brand and will also provide Louis Vuitton trophy cases and Moet & Chandon champagne for the podiums. This partnership comes amid F1's growing global popularity, partly attributed to the Netflix series 'Drive to Survive,' which has broadened its audience base. The collaboration is seen as a strategic move by LVMH to align with a sport that shares its values of excellence and innovation. Additionally, LVMH's previous success with a Las Vegas Grand Prix event paved the way for this extensive partnership. Both Stefano Domenicali of F1 and Bernard Arnault of LVMH expressed enthusiasm about the unique synergies that this partnership will harness.