Liberty Media-owned Formula One and luxury giant LVMH are entering into a 10-year partnership, according to a joint press release from the companies Wednesday afternoon.
The partnership will officially launch at the start of next F1 season and will include “hospitality, bespoke activations, limited editions and outstanding content.”
The official arrangement will not be the first time that LVMH and F1 have worked together. F1 worked with one of LVMH’s brands during last year’s Las Vegas Grand Prix and the team-up was a success, according to Liberty Media president and CEO Greg Maffei.
“The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform,” Maffei said in the release. “We look forward to working with Bernard and Frédéric Arnault in the years to come.”
LVMH owns brands such as Louis Vuitton, Moet Hennessy and TAG Heuer, which will be included in the partnership.
“Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our Group,” LVMH Group chairman and CEO Bernard Arnault said in the release.
More details of the partnership are set to come in 2025 and there were no financial details included in the release.
Liberty Media purchased F1 in 2017 and has turbocharged the league’s growth in recent years.
Netflix released a behind-the-scenes series “Formula 1: Drive to Survive” in 2019 that helped push F1 from a niche sport to a more mainstream audience as viewers became fans after getting to see the personalities of individual drivers. The sport has also gotten a tailwind from social media and content creators, giving people more ways to become fans.
The next Grand Prix is Oct. 20 in Austin, Texas.