LVMH signs 10-year sponsorship deal with Formula One, WSJ reports

LVMH (LVMUY) will “leap on the global resurgence” of Formula One with a 10-year sponsorship deal that will put the luxury conglomerate’s brands “front and center” across the motor racing company’s events, reported The Wall Street Journal’s Nick Kostov and Joshua Robinson, who add that what “sets the agreement apart from a typical sponsorship is its sheer scale.” LVMH watch brand TAG Heuer will replace Rolex as the sport’s official timekeeper; Louis Vuitton will move into every trophy presentation by manufacturing cases for the hardware; and when the drivers spraying Champagne from the podium, will now be draining bottles of Moet & Chandon under the deal starting next year, the report noted. Liberty Formula One (FWONK) is the parent company of Formula 1 or “F1.”