Flexing his billions, Bernard Arnault is looking to replace Rolex with an LVMH brand as the official timepiece partner for Formula One in a record-breaking $150 million deal

After 11 years as a Global Partner and the Official Timepiece of Formula One, Rolex is reportedly withdrawing its decade-long sponsorship deal by the end of this season. Rumors suggest that the French multinational conglomerate LVMH is set to replace Rolex. It was first reported by an online magazine, Coronet, which apparently got information from sources in Geneva. Rolex partnered with F1 in 2013 to serve as their Official Timepiece partner. While the initial agreement was worth $10 million annually, Rolex currently pays close to $50 million for its association with the globally famous moto racing championship, thanks to the boom in popularity over the last couple of years.

According to the report by Coronet, the LVMH group will take over as the official chronometer next season, with the new annual contract reportedly worth $150 million. The viewership of F1 has doubled over the last decade, reaching 1.5 billion viewers in 2023. Formula One is currently the fourth-most-watched sport worldwide. It would hardly be a surprise that F1’s organizers are searching for more money from all sponsors.

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While Rolex is one of the biggest names in the Swiss watch industry, its annual revenue of $11.5 billion reported last year is dwarfed by LVMH group’s combined revenue of $86 billion in 2023. If the reports are true, it will be interesting to see which LVMH brand will be promoted. The LVMH group owns 75 brands, including TAG Heuer and Hublot. Both watch brands have had deep ties with F1 over the years.

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Bernard Arnault, Chairman and CEO of LVMH Moët Hennessy Louis Vuitton, speaks during a news conference to present the 2022 annual results of LVMH in Paris, France, on January 26. Photo: Reuters
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Sayan Chakravarty, a Senior Writer at Luxurylaunches, brings over 10 years of automotive journalism expertise. He provides insightful coverage of the latest cars and motorcycles across American and European markets, while also highlighting luxury yachts, high-end watches, and gadgets. An authentic automobile aficionado, his commitment shines through in educating readers about the automotive world. When the keyboard rests, Sayan feeds his wanderlust, traversing the world on his motorcycle.