The 2024 Olympics Games in Paris has a new major sponsorship agreement with luxury conglomerate Louis Vuitton Moët Hennessy (LVMH).
LVMH owns more than 75 brands – including Tiffany & Co, TAG Heuer, and Bulgari – and will use the opportunity to showcase brands such as Chaumet, which has been tasked with designing the medals.
The terms of the deal, which was negotiated by LVMH head of communications Antoine Arnault, have not been revealed.
With that said, Yahoo News has reported that the sponsorship will cost approximately €150 million ($AU245.5 million).
“The [Olympics] Games are an opportunity to make France shine,” Arnault said.
“It is only natural that LVMH and its maisons [brands] would be part of this exceptional international event.”
LVMH recently reported total sales of €21.2 billion ($AU34.55 billion) for the second quarter. On a year-by-year comparison, sales from the jewellery division increased by 14 per cent.
The upcoming Olympic Games will be held between 26 July and 11 August next year.
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