The luxury company led by the world’s second richest person will be one of the sponsors of the Olympics in Paris.
The Olympics in Paris get the world’s leading luxury company on the team. Photo: Michel Euler / APPPublished: Published:
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The French luxury group LVMH (Möet Hennesy Louis Vuitton) is the new sponsor for the Summer Olympics in Paris 2024, writes Bloomberg.
The agreement is the first of its kind for the luxury group with brands such as Louis Vuitton, Tiffany & Co., Christian Dior and Stella McCartney.
The oil fund on the owner’s side
The company is Europe’s most valuable with a market value of over 430 billion euros, and is considered the world’s largest and most powerful luxury goods company.
At the end of 2022, the Norwegian Oil Fund (NBIM) owned NOK 41.35 billion worth of shares in the company. Ownership in the luxury company corresponded to a value of NOK 7,553 per Norwegian resident.
The oil fund’s shareholder reports are updated every year at the turn of the year.
Picture from the LMHS annual shareholder meeting in Paris earlier this year. Photo: GONZALO FUENTES / Reuters
Design the Olympic medal
There has been speculation for several months whether the luxury company would be linked to the sporting event. The Paris Olympics have already landed several of France’s largest companies as official sponsors, among them the food chain Carrefour and the Telecom company Orange.
LVMH’s jewelery brand Chaumet will design the medals for the Olympics and Paralympics, while champagne producer Möet Hennesy will serve drinks to guests during the Games.
– The agreement will help to increase France’s status in the world, says managing director Bernard Arnault in a statement.
Arnault co-founded the company and is ranked as the world’s second richest person after Tesla owner Elon Musk.
The Olympics in Paris will be held in the summer of 2024 in the period from 26 July to 11 August.
2023-07-24 18:13:52
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