As a premium partner of the Paris Olympic and Paralympic Games, the world’s number one luxury brand is stepping up initiatives to promote its image and that of its brands. This partnership, inaugurated for the 2024 edition, could extend beyond…
Among the champions set to take the spotlight during the Paris 2024 Olympic and Paralympic Games, the luxury brand Lvmh is far from the last…
After several months of suspense and rumors, the news was confirmed a year ago: the world’s number one luxury goods company has invested at least 150 million euros ($163.5 million) to become one of the few Premium Partners of the Paris Games. In other words, the highest level of sponsorship, with the biggest entry ticket.
To this figure should be added at least 50 million euros of activations ($54.05 million), i.e. for the staging of the games (signage, manufacture of medals, outfits, cases…).
Negotiations with the IOC (International Olympic Committee) would have been long and demanding, in line with the stakes involved in completing the 1.24 billion euro budget for the Games.
According to Bloomberg Business, Bernard Arnault, the CEO of Lvmh, was initially not very excited by the idea of being a pillar of financing for the Paris Games, which had not been staged in the French capital for 100 years.
But recently, his son Antoine, head of “Image and Environment” for the LVMH group and Chairman of Loro Piana and Berluti (among others), was much more enthusiastic about the prospect of the competition being seen around the world.
Brand image
Without predicting the impact in terms of sales, he told the press that he was “very optimistic about the brand image of the group and its houses”.
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Read also> OLYMPIC GAMES 2024: LVMH PREPARES ITS “CULTURAL OLYMPIAD
Featured photo: © LVMH
