LVMH announces 10-year sponsorship deal with Formula 1

Paris: French luxury giant LVMH has reached a 10-year sponsorship deal with Formula 1 which covers its Louis Vuitton, Moet Hennessy and TAG Heuer brands, the company announced on Wednesday.

The partnership, the company's next major push into the sports world after it paid some 150 million euros ($165.77 million) to be the premium sponsor of the Paris Olympics, starts in 2025, the company added.

The deal, for which no value was disclosed, comes as luxury players seek to boost their presence in events combining brand exposure with hospitality, travel and entertainment.

"For many years, several of our Maisons have also chosen to invest in Formula 1," LVMH Watches CEO Frederic Arnault said, adding: "We want to further grow this experiential dimension that Formula 1 provides all over the world."