{"id":247140,"date":"2024-07-24T12:30:28","date_gmt":"2024-07-24T12:30:28","guid":{"rendered":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/24\/rolex-downturn-lvmhs-smaller-swiss-watch-brand-grapples-with-rolex-over-150-million-formula-1-sponsorship-deal\/"},"modified":"2025-06-25T17:14:05","modified_gmt":"2025-06-25T17:14:05","slug":"rolex-downturn-lvmhs-smaller-swiss-watch-brand-grapples-with-rolex-over-150-million-formula-1-sponsorship-deal","status":"publish","type":"post","link":"https:\/\/michigandigitalnews.com\/index.php\/2024\/07\/24\/rolex-downturn-lvmhs-smaller-swiss-watch-brand-grapples-with-rolex-over-150-million-formula-1-sponsorship-deal\/","title":{"rendered":"Rolex downturn? LVMH’s ‘smaller’ Swiss watch brand grapples with Rolex over $150 million Formula 1 sponsorship deal"},"content":{"rendered":"

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A Swiss watch brand owned by French luxury conglomerate LVMH is in talks to take over as the official timekeeping sponsor of Formula 1 motor sports racing, one of the most high-profile and expensive marketing agreements in sport.<\/p>\n

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Top Swiss brand Rolex has served as the official timekeeping sponsor of Formula 1 since 2013, its signature green and gold adverts becoming commonplace at F1 tracks. The popularity of Formula 1 has exploded during the period driven, in part, by the success of the Netflix series \u2018Formula 1: Drive to Survive.\u2019<\/p>\n

Now Tag Heuer, a smaller Swiss watch brand owned by LVMH, is in talks to take over the F1 sponsorship deal, LVMH Chief Financial Officer Jean-Jacques Guiony confirmed in a conference call Tuesday evening following the company\u2019s second quarter financial results.<\/p>\n

\u201cThere are some discussions, but it\u2019s not something I can elaborate on,\u201d Guiony said. \u201cNothing is decided,\u201d he added.\u00a0<\/p>\n

A Rolex spokesperson in Geneva declined to comment. A spokesperson for Formula 1 didn\u2019t immediately respond to email requests for comment.<\/p>\n

The talks underscore LVMH\u2019s ambitions for its watch unit, which includes the Tag Heuer, Hublot and Zenith brands. The combined sales of the watch unit, led by Frederic Arnault, one of LVMH founder Bernard Arnault\u2019s five children, trail Rolex, as well as brands owned by Richemont and Swatch Group AG in total market share.<\/p>\n

Coronet<\/a>, an online blog dedicated to Rolex news, first reported on the talks earlier this month. Coronet reported that Rolex currently pays \u201ctens of millions of dollars\u201d annually under the sponsorship deal and that a potential new annual contract with LVMH could be worth $150 million.\u00a0<\/p>\n

The discussions come amid an industry wide\u00a0downturn in demand and sales for Swiss watches<\/a>\u00a0and\u00a0changes in the executive suite<\/a>\u00a0at LVMH\u2019s watch brands. The company said Antoine Pin would take over as CEO of Tag Heuer after Julien Tornare departed the role for the top job at Hublot after less than a year in the post.\u00a0<\/p>\n<\/div>\n<\/div>\n

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[ad_1] A Swiss watch brand owned by French luxury conglomerate LVMH is in talks to take over as the official timekeeping sponsor of Formula 1<\/p>\n","protected":false},"author":1,"featured_media":247141,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[149],"tags":[],"_links":{"self":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/247140"}],"collection":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=247140"}],"version-history":[{"count":0,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/247140\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/247141"}],"wp:attachment":[{"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=247140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=247140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michigandigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=247140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}