LVMH Luxury Brands To Sponsor Paris’s 2024 Olympics
If you have at all found yourself on a scroll binge of TikTok in the last few months you will have most likely come across the official 2024 Olympics account, clearly aimed toward Generation Z. Boasting over 800K followers, their own mascot (which has the same threatening aura as the Duolingo bird) and countless viral videos, the Paris Olympics have had a masterful social presence. Behind the scenes, however, there have been worries about the costs of hosting the mega sports event. After organisers had originally vowed to keep taxpayer costs to a minimum, a 10% increase in the operational budget to 4.4 billion Euros at the end of 2022 caused some to worry.
Enter, the Olympic’s potential saviour…fashion! With just 12 months to go until the world has its eye’s focused on the French capital, a new partner has jumped to the rescue. LVMH, the French luxury group which owns Dior, Fendi, Loewe, TAG Heuer and many more, has joined the 2024 Olympics in a deal which, according to the Financial Times is worth roughly 150 million Euros. During the globally screened events, LVMH-owned jeweller Chaumet will design the winner’s medals. It is expected the luxury brand giant will also facilitate the designer for the French athlete's uniforms.
Of the partnership Bernard Arnault, CEO of LVMH, said “I have the honour of officially announcing that we are now committed to being a premium partner for the 2024 Paris Olympics…It is only natural that LVMH and its maisons would be part of this exceptional international event.”
While LVMH may be beneficial to the events monetarily, it is also fair to speculate that the deal will greatly boost social awareness of both the Olympics and Paralympics with brand ambassadors, celebrities and influencers likely to attend events and potential galas and brand press trips. The deal is yet more proof of the power style can have on other, potentially unrelated, industries.
Vuitton is also working as a sponsor for the 2023 Rugby World Cup, also being held in France.
