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The Paris Olympics are fast approaching and a sponsor is still missing. The world leader in luxury goods, LVMH, is in a strong position to negotiate its conditions.
There is only a year and a half to wait before the beginning of the Olympic Games 2024. The Organizing Committee (Cojo) is almost ready. And it does not miss any more big thing so that it manages to buckle its sponsoring part, fixed in more than 1,2 billion euro, that is to say nearly a third of the global budget (approximately 4,4 billion). The budget was recently increased by an additional 400 million euros, including 127 million euros for sponsorship.
For the moment, the cluster includes sponsors such as BPCE, Sanofi, EDF, Orange and Carrefour. After nearly 80% of the budget reached by the end of 2022 according to the Cojo, the arrival of a final sponsor, known as a rank 1 partner, whose entry ticket is estimated at between 100 and 150 million euros, would be very welcome. The organizing committee, chaired by Jacques Lambert, has even described this signature as “an imperative necessity“.
This last sponsor is none other than LVMH, which obviously does not seem to be in a hurry to give its answer. “We are discussing, and it takes time” says one of the members of the Cojo. According to him, this wait is normal for such a transaction. But some find it abnormally long, while the games start in a short time.
Very waited by the Olympic world and even more in view of the current economic situation, the French group directed by Bernard Arnault, which realizes 64 billion euro of turnover, is in position of strength. And it is visibly trying to push its advantage as much as possible.
“They have been talking for months directly with the IOC (International Olympic Committee). They want to be able to activate their rights out of France, which is normally not allowed for a local sponsor” confided to AFP a source close to the Olympic committee. It is there that the stick hurts. When a sponsor joins a committee of Olympic organization, he can benefit from an exposure only at the local level, in the country which welcomes the event. But the world’s leading luxury goods company, which generates 90% of its sales abroad, wants to expand its marketing rights beyond France.
“The French market is not a priority for LVMH at all,” says a source close to the luxury business community. “When you are an international group like this, it is complex to find your interest with the French market only. Strategically, Paris is not the most important for LVMH, they are aiming a little further with Los Angeles in 2028. The American market is important for them, as well as Asia” adds this source.
After the Paris Olympics, those of Los Angeles, which will take place in 2028, seem to be a significant opportunity for the group of Bernard Arnault, as well as the exposure that would allow the Paris Olympics, with more than 4 billion viewers expected, or half of the world population.
Read also >LVMH: Antoine Arnault appointed CEO of Christian Dior SE
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The Paris Olympics are fast approaching and a sponsor is still missing. The world leader in luxury goods, LVMH, is in a strong position to negotiate its conditions.
There is only a year and a half to wait before the beginning of the Olympic Games 2024. The Organizing Committee (Cojo) is almost ready. And it does not miss any more big thing so that it manages to buckle its sponsoring part, fixed in more than 1,2 billion euro, that is to say nearly a third of the global budget (approximately 4,4 billion). The budget was recently increased by an additional 400 million euros, including 127 million euros for sponsorship.
For the moment, the cluster includes sponsors such as BPCE, Sanofi, EDF, Orange and Carrefour. After nearly 80% of the budget reached by the end of 2022 according to the Cojo, the arrival of a final sponsor, known as a rank 1 partner, whose entry ticket is estimated at between 100 and 150 million euros, would be very welcome. The organizing committee, chaired by Jacques Lambert, has even described this signature as “an imperative necessity“.
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The Paris Olympics are fast approaching and a sponsor is still missing. The world leader in luxury goods, LVMH, is in a strong position to negotiate its conditions.
There is only a year and a half to wait before the beginning of the Olympic Games 2024. The Organizing Committee (Cojo) is almost ready. And it does not miss any more big thing so that it manages to buckle its sponsoring part, fixed in more than 1,2 billion euro, that is to say nearly a third of the global budget (approximately 4,4 billion). The budget was recently increased by an additional 400 million euros, including 127 million euros for sponsorship.
For the moment, the cluster includes sponsors such as BPCE, Sanofi, EDF, Orange and Carrefour. After nearly 80% of the budget reached by the end of 2022 according to the Cojo, the arrival of a final sponsor, known as a rank 1 partner, whose entry ticket is estimated at between 100 and 150 million euros, would be very welcome. The organizing committee, chaired by Jacques Lambert, has even described this signature as “an imperative necessity“.
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