Will LVMH be the top tier sponsor for the Paris 2024 Olympics?

The organising committee for the Olympic Games Paris 2024 has been in discussions with LVMH, the parent company of Louis Vuitton, for several months, as it seeks a top-tier partner for the upcoming games. French newspaper Le Monde had highlighted the Organizing Committee for the Olympic and Paralympic Games' (COJOP) search for a partner willing to contribute 100 to 150 million euros as far back as last October. While LVMH appears to be the frontrunner, no official agreement has been announced despite the games being only one year away.

Securing the world's largest luxury conglomerate, a French company, as a sponsor for the games held in France would be a significant accomplishment for the Committee. Reuters reported that LVMH previously supported Paris' bid to host the games by contributing 2.3 million dollars to the city's campaign.

While LVMH boasts an array of renowned brands, including Louis Vuitton, Dior, and Moet & Chandon champagne, not all of its brands would be prominently featured during the games. Watches, in particular, present a challenge as Swiss-based Omega, a part of the Swatch Group, is already a sponsor.

Negotiations for the deal are believed to be led by Antoine Arnault, CEO of Berluti and the son of LVMH chief Bernard Arnault.

Sponsoring the Olympic Games offers brands substantial international exposure, given that it remains one of the world's most-watched events with billions of global viewers. Brands align themselves with values such as human excellence, sportsmanship, unity, and fair competition, although criticisms regarding the high costs and inclusivity of the Olympics have not been unheard.

Another key advantage for sponsors is the opportunity to establish partnerships and endorsement deals with elite athletes participating in the Games. These associations can significantly enhance a brand's credibility and foster emotional connections with audiences.

Tony Estanguet, CEO of Paris 2024, recently informed Reuters that discussions with the LVMH group are ongoing, emphasising the ambition to align major French companies contributing to French excellence with the Games. However, no deal has been finalised or formally announced at this stage.