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LVMH to sponsor Paris 2024 Olympic and Paralympics Games

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Paris 2024 will take place from 26 July to 11 August and August 28 to 8 September next year and it is expected to draw 10,500 Olympic athletes 

New Delhi: Luxury retail giant LVMH has become a premium partner of the Paris 2024 Olympic and Paralympics Games, which will take place from 26 July to 11 August and August 28 to 8 September next year, the company announced in a social media post on Tuesday.

“We are excited to have a chance to share our mission, ‘The Art of Crafting Dreams’, with billions of TV viewers and visitors. This unprecedented partnership will let LVMH and its people help promote the image of France and its exceptional know-how around the world,” LVMH said on its website. It also posted a video titled, ‘Discover the mission, the launch film of LVMH’s partnership with Paris 2024.’

LVMH to sponsor Paris 2024 Olympic and Paralympics Games
Source: https://www.linkedin.com/posts/lvmh_lvmh-x-paris-2024-la-mission-activity-7089522887396581376-2kYA?utm_source=share&utm_medium=member_desktop

The organizing committee of Paris Olympic Games 2024 has entrusted various tasks to artisans from the LVMH Group, including the design of the Olympic and Paralympic medals by CHAUMET, the designer jewellery and watch-making brand that the group acquired in 2012. Moët Hennessy wines and spirits Maisons will provide their products as part of hospitality program. Sephora will be a partner for the Olympic Torch Relay, according to the company’s LinkedIn post.

Between now and the opening ceremony, LVMH and its Maisons – in particular Louis Vuitton, Christian Dior Couture and Berluti – will present, with approval from Paris 2024, the different aspects of their engagement, enabling LVMH to become the ‘Artisan of All Victories’, LVMH said on its website.

“This unprecedented partnership with the Paris 2024 Olympic and Paralympics Games will contribute to heightening the appeal of France around the world. It was only natural that LVMH and its Maisons be part of this exceptional international event,” Bernard Arnault, chairman and chief executive officer of LVMH said.

“Sports is a tremendous source of inspiration for our Maisons, which will unite creative excellence and athletic performance by contributing their savoir-faire and bold innovation to this extraordinary celebration,” Arnault added.

Paris 2024The Games’ organising committee has said that nearly 80% of the sponsorship budget was covered by the end of 2022, and signing up another so-called tier-1 partner or premium sponsor (after BPCE, Sanofi, EDF, Orange and Carrefour), for an investment estimated at between €100 million and €150 million, would be a relief for the organizers, according to a media source.

The budget is 96% privately funded, and at the end of 2022 its value rose to €4.4 billion, a 10% increase, half of which due to inflation. Since 2018, the budget has increased by €600 million, the source added.

The Olympic Games’ sponsors are divided into several categories, according to their financial participation level: global partners (members of the IOC’s TOP programme), premium partners, official partners and official supporters. The global partner category includes some 15 major groups, including Airbnb, Alibaba, Coca Cola, Intel, Samsung and Toyota, according to Fashion Network.

Paris will be the main host city for the Olympics, along with 16 other cities spread across metropolitan France and one in Tahiti as a substitute. The Games are expected to draw 10,500 Olympic athletes and the opening ceremony will take place on River Seine, which runs through Paris, according to the internet.

Paris 2024 will mark the centenary of Paris 1924, when the games were hosted by the country for the first time. It will be the sixth Olympic Games hosted by France (three in summer and three in winter). It will be the first Olympic Games in France since the 1992 Winter Olympics in Albertville. Furthermore, the Games would be the first of three successive Summer Olympics to use only two official languages namely English and French.

 

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