Antoine Arnault, son of LVMH CEO Bernard Arnault, is spearheading the deal ahead of the 2024 Paris Olympics.
The 2024 Summer Olympic Games in Paris are a little over a year away, and one of the biggest brands in France is reportedly closing in on a massive deal to sponsor the competition. LVMH is working on an agreement with the Olympics worth in the ballpark of $161.31 million, according to Reuters.
LVMH previously supported Paris’s bid to host the games by contributing $2.3 million to the city’s campaign.
Spearheading the effort on LVMH’s side is the 46-year-old Antoine Arnault, the highest-profile of LVMH Chairman and CEO Bernard Arnault’s five children. His duties include overseeing promotions of the LVMH group and directorial control over its two biggest labels — Louis Vuitton and Dior.
Speaking at LVMH’s annual shareholding meeting in April, he declared the opening ceremony “will likely be the most-watched event in the history of television, in the history of the games — a spectacular event,” according to Hypebeast.
Although it would be a memorable partnership, it’s still too early to think about what fun activations could come from this alliance. Paris 2024 CEO Tony Estanguet said last week that nothing is set in stone.
“It takes time, but we want to make sure that this partnership makes sense and is balanced,” the exec said.
Should this deal go through, Reuters says Arnault’s responsibilities will include “upholding LVMH’s role as a steward of opulent craftsmanship and French heritage,” but also doing away with gaudy logo placement that weakens its reputation. Should both sides reach an agreement, consider this a monumental achievement in the union of fashion and sports.
Other brands to already confirm their participation in the 2024 games include Airbnb, The Coca-Cola Company, Omega, Samsung, and more.
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