In this article MC-FR Follow your favorite stocks CREATE FREE ACCOUNT watch now VIDEO 6:35 06:35 LVMH CEO on Olympics sponsorship: Want to show France as a creative, refined & craftsmanship country Squawk Box For the first time a luxury brand is an Olympic sponsor. And it's not just one brand, it's the empire of LVMH . "We tried to find a way with the Olympic Committee – to be able to show maybe something that has never been done before with the Olympics," LVMH Chairman and CEO Bernard Arnault told CNBC's Andrew Ross Sorkin in an interview at Dior's flagship store this week in Paris.
LVMH's sponsorship deal took a year of negotiations and ultimately landed at about $160 million of investment from the parent company of brands like Celine, Louis Vuitton, Loewe, Tiffany, TAG Heuer and Dom Perignon. The partnership is on display throughout the 2024 Paris Olympic Games, which officially kicks off on Friday. LVMH-owned Chaumet, whose Parisian roots date back to 1812, is the first jeweler in Olympic and Paralympic Game history to design the medals.
Housing the medals are trunks made by LVMH brand Louis Vuitton. In the hospitality suites, the company's Moët Hennessy wines and spirits will be served. French teams will wear uniforms designed by LVMH's Berluti for the opening ceremony.
"It's not mainly to show the brands. It's to show the spirit, the spirit of our group and the spirit of the country," said Arnault. "We show the power of this country in the world.
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