French luxury group LVMH will be a major sponsor of next year’s Summer Olympics in Paris. It is the first time the parent company of fashion brand Louis Vuitton, among others, has co-financed an international sports competition.
Based on sources, the financial news agency Bloomberg writes that Louis Vuitton Moët Hennessy (LMVH) is now the largest sponsor of the Games.
The deal means that the medals the athletes take home will be designed by the jewellery brand Chaumet, a subsidiary of LVMH. Guests of the event will be served drinks from Moët Hennessy. LVMH is investing 150 million euros in the Olympic and Paralympic Games.
Rumours about the sponsorship of the Summer Games had been circulating for months. LVMH joins a list of sponsors, including telecom company Orange, airline Air France-KLM and supermarket chain Carrefour.
LVMH was created from the mergers of champagne company Moët & Chandon, cognac producer Hennessy and fashion brand Louis Vuitton. The conglomerate reached a market value of more than 450 billion euros last April. Company CEO Bernard Arnault is one of the richest people in the world.
The Summer Olympics will be held in Paris next year from July 26 to August 11. The Paralympic Games are from August 28 to September 8.