the LVMH group becomes the sixth major sponsor of the competition – Liberation

2023-07-24 19:37:34

The luxury giant officially sponsors the Paris Olympic Games, alongside five other major contributors, and allows the organizing committee to limit financial damage.

The partnership had been in the works for several months. The world number one in luxury LVMH, owned by Bernard Arnault, lifted the suspense on Monday July 24 by becoming the sixth “premium partner” of the Paris 2024 Olympic Games. The group joins the club of the biggest contributors made up of Orange, the electrician EDF, the banking group BPCE, the pharmaceutical laboratory Sanofi and hypermarkets Carrefour. Enough to allow the Organizing Committee for the Olympic Games (Cojo) to almost achieve its objective of 1.24 billion euros in partnership revenue.

This announcement will allow the organizers to breathe. In December 2022, the Cojo had reassessed the cost of the event at 4.38 billion euros, up 10%. Inflation punctuated by the conflict in Ukraine having complicated matters. This sponsorship agreement with LVMH is timely. “I have the honor to officially announce that we are now engaged as a premium partner for the Paris 2024 Olympics,” confirmed Antoine Arnault, director of image and environment for the LVMH group during a press conference held in Paris.

The deal took a long time to come. “There were a lot of fantasies about why it was taking so long, admitted Antoine Arnault. We did not want to be a purely financial partner but we wanted to have a role to play in the holding of these Olympic Games”. Concretely, several major brands of LVMH “will be stakeholders”, welcomed the son of Bernard Arnault who obviously won his case. The jeweler Chaumet will design the Olympic and Paralympic medals which will be produced by the Monnaie de Paris. The Moët Hennessy brands (champagnes, wines, cognacs, etc.) will be “hospitality partners” and therefore present in the VIP lounges. And Sephora will be a partner of the Torch Relay. A juicy partnership for the company, saving for the Olympics.