LVMH owners reportedly eye Paris FC takeover as luxury house revs up for next year’s Formula 1 brand deal
LVMH’s owners are reportedly in talks to buy a controlling stake in the French football team Paris FC. The Arnault family behind the luxury house is partnering with Red Bull, taking a 55% stake while the energy drinks brand secures 15%. Paris FC president Pierre Ferracci would retain 30%.
The Arnault family has not commented on the original coverage of the deal published in L’Equipe.
LVMH was also recently named a global partner of Formula 1 for next year, when the sport celebrates its 75th anniversary. The new ten-year deal will include several of LVMH’s maisons, including Louis Vuitton, Moët Hennessy and TAG Heuer.
A statement from Formula 1 and LVMH highlighted the deal’s timely launch next season “at a time of incredible ongoing popularity, cultural relevance and overall excitement for Formula 1 as a bridge between global sport and entertainment.”
Greg Maffei, president and CEO, Liberty Media, says: “We were thrilled to work with one of the LVMH Maisons during the Las Vegas Grand Prix last year, and to now expand our relationship with the group as they become a global partner.”
“The opportunity to scale our commercial arrangements is emblematic of the vision we have for Formula 1 as the business continues to grow its platform. We look forward to working with Bernard and Frédéric Arnault in the years to come.”
“The people, the quest for excellence and the passion for innovation are at the heart of the activity of our Maisons and Formula 1. In motorsport as in fashion, watchmaking or wines and spirits, every detail counts on the path to success,” comments Bernard Arnault, chairman and CEO of LVMH Group.
“Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our group.”
Further details of the partnership will be announced in early 2025.
LVMH recorded revenue of €41.7 billion (US$45.2 billion) with a 14% slump in net profit in the first half of 2024. Its second quarter saw revenue growth of 1% and a 14% sales drop in Asia, mainly including China and excluding Japan. However, its beauty and Sephora businesses showed favorable performances.
