Formula 1, LVMH announce 10-year global partnership agreement

As Formula 1 (FWONA) prepares to celebrate its 75th anniversary in 2025, it was announced that LVMH (LVMUY) will become a Global Partner from 2025 in a new 10-year agreement. As part of the deal, several of LVMH’s Maisons will be involved in the partnership, including Louis Vuitton, Moet Hennessy and TAG Heuer, LVMH said. Greg Maffei, President and CEO, Liberty Media, said: “LVMH and Formula 1 are two global brands that consistently push the boundaries of creativity and innovation, values core to Liberty Media. We were thrilled to work with one of the LVMH Maisons during the Las Vegas Grand Prix last year, and to now expand our relationship with the Group as they become a Global Partner. The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform. We look forward to working with Bernard and Frederic Arnault in the years to come.” While terms of the deal weren’t disclosed, The Daily Mail reports that the deal is worth more than $1B.