Leading fashion houses Louis Vuitton and Dior, Moet Hennessy champagne and alcohol brands, and jeweller Chaumet, which will design the medals for the event, have all signed sponsorship agreements with luxury conglomerate LVMH to support the Olympic Games in Paris the following year.
According to LVMH, the company will also sponsor athletes, including French swimmer Leon Marchand, as well as the Olympic torch relay. One of LVMH's "maisons" will dress the French delegation.
The agreement's terms, which were negotiated by Antoine Arnault, one of LVMH Chairman and CEO Bernard Arnault's five children and heirs, were not made public.
According to a person familiar with the negotiations, it was anticipated to cost roughly 150 million euros ($166 million) and involve advertising targeted at the group as well as its top fashion and champagne labels.
"The Games are an opportunity to make France shine," Antoine Arnault said as he made the official announcement.
With only one year until the Olympics, the ongoing talks between the Paris 2024 organising committee and the largest luxury brand in the world—which also happens to be the most expensive firm in Europe with a market capitalization of more than 400 billion euros—have drawn a lot of attention in France.
Antoine Arnault said the opening ceremony, which would take place along the Seine rather than in a stadium, may be the most viewed event in Olympic history on the sidelines of LVMH's annual shareholder meeting in April.
The relationship might, however, also be dangerous.
The lead-up to an Olympic Games can become bogged down in international geopolitics, and internal problems might draw attention, such as China's record on human rights before to the Beijing Games. A dispute over the participation of athletes from Russia and Belarus has already cast doubt on Paris 2024.
Closer to home, months of occasionally violent public demonstrations against an increase in the retirement age and a flurry of widespread rioting after police killed a teenager of North African heritage have brought attention to France's tumultuous social atmosphere.
Other sponsors of the international sporting extravaganza include Toyota, Alibaba, Airbnb, and Coca-Cola.
(Source:www.washingtonpost.com)
According to LVMH, the company will also sponsor athletes, including French swimmer Leon Marchand, as well as the Olympic torch relay. One of LVMH's "maisons" will dress the French delegation.
The agreement's terms, which were negotiated by Antoine Arnault, one of LVMH Chairman and CEO Bernard Arnault's five children and heirs, were not made public.
According to a person familiar with the negotiations, it was anticipated to cost roughly 150 million euros ($166 million) and involve advertising targeted at the group as well as its top fashion and champagne labels.
"The Games are an opportunity to make France shine," Antoine Arnault said as he made the official announcement.
With only one year until the Olympics, the ongoing talks between the Paris 2024 organising committee and the largest luxury brand in the world—which also happens to be the most expensive firm in Europe with a market capitalization of more than 400 billion euros—have drawn a lot of attention in France.
Antoine Arnault said the opening ceremony, which would take place along the Seine rather than in a stadium, may be the most viewed event in Olympic history on the sidelines of LVMH's annual shareholder meeting in April.
The relationship might, however, also be dangerous.
The lead-up to an Olympic Games can become bogged down in international geopolitics, and internal problems might draw attention, such as China's record on human rights before to the Beijing Games. A dispute over the participation of athletes from Russia and Belarus has already cast doubt on Paris 2024.
Closer to home, months of occasionally violent public demonstrations against an increase in the retirement age and a flurry of widespread rioting after police killed a teenager of North African heritage have brought attention to France's tumultuous social atmosphere.
Other sponsors of the international sporting extravaganza include Toyota, Alibaba, Airbnb, and Coca-Cola.
(Source:www.washingtonpost.com)
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