**LVMH Becomes Premium Sponsor of 2024 Summer Olympics in Paris**
LVMH, the owner of Louis Vuitton, has agreed to become a premium sponsor of the 2024 Summer Olympics in Paris, marking the luxury conglomerate’s first foray into corporate sponsorship of this kind. The company has committed €150 million ($166 million) to support the Olympic and Paralympic games, making it the largest sponsorship commitment from any company. This move by LVMH adds to the financial muscle being exerted by corporate France in support of the games.
**Speculation Ends as LVMH Joins Premium Partners**
After months of speculation, LVMH finally announced its participation in the 2024 Olympic and Paralympic games in Paris. The company now joins a list of premium partners that includes telecoms carrier Orange SA, Air France-KLM, and grocer Carrefour SA. While some of LVMH’s brands, such as watchmaker Hublot, have been official partners of global competitions in the past, this is the first time that the luxury conglomerate, led by Bernard Arnault, the world’s second wealthiest person after Elon Musk, is sponsoring such an event.
**Enhancing France’s Global Appeal**
According to Bernard Arnault, the sponsorship deal with the Olympics “will contribute to heightening the appeal of France around the world.” LVMH’s jewelry brand Chaumet will design the medals for the games, and the hospitality guests will be served wines and spirits produced by Moet Hennessy. This partnership highlights LVMH’s commitment to showcasing the best of French luxury and craftsmanship on an international stage.
The Summer Olympics are scheduled to take place between July 26 and August 11, primarily in Paris, with some events taking place in Marseille and Tahiti. The Paralympic Games will follow from August 28 to September 8. As the events draw nearer, other French companies are also rushing to secure sponsorship deals to be associated with these high-profile competitions.
**Air France Secures Level-2 Sponsorship Deal**
Air France has secured a level-2 sponsorship deal for the Olympics, which the company believes will provide increased visibility and help attract new customers. Although the exact cost of the deal has not been disclosed, Ben Smith, the CEO of Air France, emphasized that this sponsorship is not an act of charity. He stated, “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.”
In conclusion, LVMH’s decision to become a premium sponsor of the 2024 Summer Olympics in Paris is a significant move for the luxury conglomerate. By committing €150 million ($166 million) to support the games, LVMH aims to enhance France’s global appeal and showcase its brands on an international platform. The involvement of other French companies, such as Air France, further demonstrates the country’s financial muscle and commitment to promoting itself during these prestigious sporting events. As the anticipation builds, it will be interesting to see how these sponsorships enrich the overall Olympic experience for athletes and spectators alike.