Finally. After months of rumours, conditional statements and enigmatic responses, the Paris 2024 OCOG and the French luxury group LVMH have announced what was no longer a secret to anyone. They’re in business.
On Monday, July 24, LVMH officially became the new premium partner of the Paris 2024 Olympic and Paralympic Games. It takes its place at the forefront of the national marketing program. It is the sixth member, joining a small group previously made up of BPCE, Orange, EDF, Sanofi and Carrefour. The sixth and, barring a huge surprise, the last, as the COJO no longer has any trump cards up its sleeve.
A premium partnership is always an event for the OCOG. But the prestige of the newcomer, the world’s number one luxury goods company, known the world over for its endless list of brands, and the anticipation that preceded the announcement, made it a little more than just the formalization of a partnership contract.
Proof of this was the venue chosen, the ephemeral Grand Palais. Proof, above all, of the cast of guests in the front row (photo above): Thomas Bach, IOC President, Anne Hidalgo, Mayor of Paris, Amélie Oudéa-Castera, Minister for Sport. Plus Tony Estanguet, of course, who has become a regular at these photo shoots.
How much is the contract worth? Officially, it remains secret. But several sources put the figure at 150 million euros. This sum should ensure that the OCOG reaches its target of 92% of sponsorship revenue by the end of 2023.
As Antoine Arnault, LVMH’s Director of Image and Environment, explained on Monday July 24, the partnership with the OCOG is not just financial. Of course, the group will be writing a nine-figure cheque. But it will also “have a role to play in the staging of these Olympic Games.”
Bernard Arnault’s son went into detail, but kept a few items of news in his inside jacket pocket: several of the group’s brands will be involved. Jeweller Chaumet will design the Olympic and Paralympic medals. Moët Hennessy will provide champagne, wine and cognac for the hospitality areas. Sephora will partner the torch relay.
Three other group brands, Louis Vuitton, Dior and Berluti, will also be associated with the event. Details will be revealed at a later date. However, it is rumoured that Berluti will dress the French delegation, at least for the most formal occasions, Louis Vuitton will manufacture the medal packaging and presentation boxes, and Christian Dior will be part of the decor for the opening ceremony.
LVMH also plans to set up a group of athletes to act as ambassadors for the group. At the top of the list is French swimmer Léon Marchand, the new world record-holder in the 400 m 4-swim.
As announced by FrancsJeux back at the beginning of June, LVMH’s arrival in the Olympic world won’t just concern the Paris 2024 Games. The group has negotiated sponsorship agreements with the IOC with several national Olympic committees abroad, mostly in the most commercially interesting countries. These include Japan and South Korea.
LVMH will become a domestic partner of these National Olympic Committees. Revenues from these marketing agreements would be shared with the IOC.