Long-standing Formula 1 sponsor set to depart after 12 years
As a long-time Formula 1 fan and follower of luxury timepieces, I must admit that the upcoming change in the official timepiece partnership between Formula 1 and Rolex leaves me feeling a pang of nostalgia. Rolex has been an integral part of the racing world for nearly a decade, and its association with the prestigious championship has added to its iconic status.
Since 2013, Rolex has served as the Global Partner and the Official Timekeeper for the Formula 1 World Championship. However, this long-standing partnership between Rolex and Formula 1 is slated to conclude by the end of the 2024 racing season.
A Swiss watch company has been giving Formula 1 approximately $50 million each year. This adds up to almost $600 million paid out since the collaboration started.
Instead of this: “However, Formula 1 is said to be considering switching Rolex with another renowned timepiece maker. It’s rumored that the LVMH Group could take over this role, given its long-standing competition with Rolex.”
LVMH in, Rolex out
As a gamer, I can tell you that my in-game guild or alliance isn’t just limited to owning one luxury brand. We’ve got a diverse portfolio spanning various categories such as fashion, perfumes, alcoholic beverages, cosmetics, watches, and jewelry. And let me brag a little, our collection includes big names like Louis Vuitton, Dior, Fendi, Hublot, and TAG Heuer! Isn’t it cool to have such an exclusive and varied collection?
The LVMH Group, which includes TAG Heuer, has had a presence in Formula 1 since 2016 through its sponsorship of Red Bull. However, it’s unclear if this partnership will continue past the 2024 season as no information has been released about renewing the deal. The decision will be made at a later time.
Currently, LVMH’s partnership with Formula 1 is estimated to be worth around $150 million annually. This figure is three times greater than Rolex’s past decade-plus payment. The duration of the agreement has yet to be disclosed, with further information expected in the near future.
It’s still undecided if Hublot or TAG Heuer will be the new timekeeper sponsor of Formula 1. Both brands belong to the same luxury group, making them equally elegant options. However, it’s likely that TAG Heuer will win the deal, considering their current partnership with Red Bull Racing. Either way, this new agreement is projected to bring in significantly more revenue for Formula 1 and its parent company, Liberty Media.
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2024-07-16 13:02