LVMH to sponsor Paris Summer Olympics 2024 in a first for luxury group

By Angelina Rascouet and Albertina Torsoli

LVMH agreed to become a premium sponsor of the 2024 Summer Olympics in Paris, in the first deal of its kind for the luxury conglomerate as corporate France packs its financial muscle into the games.
 

The announcement by Europe’s most valuable company ends months of speculation over its participation in the sporting event, which starts in a year’s time. The Louis Vuitton owner joins a list of premium partners that includes other top French companies such as telecom carrier Orange SA,, Air France-KLM and grocer Carrefour SA. 

Some LVMH Moet Hennessy Louis Vuitton SE brands have been official partners of global competitions, including watchmaker Hublot, which has been the official timekeeper of the football World Cup. But this is the first sponsorship by the luxury conglomerate headed by Bernard Arnault —  the world’s second wealthiest person after Elon Musk.

The deal “will contribute to heightening the appeal of France around the world,” Arnault said in a statement. LVMH’s French jewelry brand Chaumet will design the Olympic and Paralympic games medals, while wines and spirits produced by Moet Hennessy will be served to hospitality guests during the games, the statement added.

The Summer Olympics will take place next year between July 26 and Aug. 11, mostly in the French capital although some events will take place in Marseille and Tahiti. They’ll be followed by the Paralympic Games between Aug. 28 and Sept. 8. Other French companies are dashing to secure sponsorship deals as the Olympic Games near, including Air France, which is part of Air-France KLM and struck a deal to become so-called level-2 sponsor. 

The deal will help give more visibility to Air France with the aim of winning new customers, group Chief Executive Officer Ben Smith said in a phone interview Monday, declining to elaborate on cost. 

“This is not charity,” Smith said. “It’s a great way for Air France to show the best of itself and to help show the best of France and the best of Paris. We think the risk of a negative return on investment is almost zero.”

(Updates with Air France KLM CEO comment.)

© 2023 Bloomberg L.P.