LVMH To Sponsor 2024 Olympic Games in Paris — Retail Bum

French luxury giant LVMH is set to be the official sponsor of the 2024 Olympic Games in Paris, with its various maisons, including Louis Vuitton, Dior, and Moet Hennessy champagne and spirits labels Chaumet expected to design medals for the sporting event.

LVMH also plans to sponsor athletes such as French swimmer Leon Marchand and dress the French delegation in clothing designed by one of its maisons. Sephora, which LVMH also owns, will sponsor the Olympic torch relay.

While the deal’s terms, negotiated by LVMH Chairman and CEO Bernard Arnault and his son Antoine Arnault, were not revealed, it is estimated that the company will incur a cost of $166 million.

“The Games are an opportunity to make France shine,” Antoine Arnault said in an official announcement.

The event, watched by over 3 billion people last time, is expected to feature promotions highlighting various LVMH fashion brands and champagne labels.

The company predicts that the opening ceremony, which will be staged along the Seine river, could be the most-watched event in the Olympics history. It thus represents a massive opportunity for the company to expand its global reach further. That being said, the event could also carry various risks for LVMH.

Lately, France has been mired in political turmoil with months of nationwide riots over increasing the retirement age and the recent killing of a teenager by the police in Paris. Moreover, geo-political controversies leading up to the Olympics, such as the participation of Belarusian and Russian athletes and China’s human rights records, can further put the company in the middle of various controversies.

Originally published at https://retailbum.com on July 26, 2023.