Long-standing Formula 1 sponsor set to depart after 12 years

Rolex has been a Global Partner and the Official Timepiece of the Formula 1 world championship since 2013, but that partnership is set to come to an end at the end of the 2024 season.

The Swiss timepiece manufacturer has been paying Formula 1 an annual sum of around $50 million, meaning that since the partnership began, a payout of nearly $600 million has been reached.

However, Formula 1 is reportedly looking to replace Rolex with another iconic time manufacturing company. The LVMH Group will likely be that replacement, having been a fierce competitor of Rolex for a long time.

LVMH in, Rolex out

The group owns several luxury brands across several categories, including but not limited to fashion, perfumes, alcoholic beverages, cosmetics, watches, and jewelry. Additionally, LVMH owns other famous companies such as Louis Vuitton, Dior, Fendi, Hublot, and TAG Heuer.

The LVMH Group is no foreigner to Formula 1, with TAG Heuer having been a sponsor for Red Bull since 2016. That deal is also set to expire at the end of the 2024 season, and there has been no indication as to whether that partnership will continue. Its renewal, or lack thereof, will be determined at a later date.

As of now, the value of LVMH's deal with Formula 1 is set to be valued at an annual sum of $150 million, which is three times as much as what Rolex has been paying for the last decade-plus. News on the length of the deal has not yet been announced, but details will likely follow in the coming weeks.

Whether the new official time sponsor of Formula 1 becomes Hublot or TAG Heuer has not yet been confirmed, as both are owned by the same group and are equally luxurious. However, odds are it will TAG Heuer, given their existing partnership with Red Bull. Regardless, this deal is slated to generate millions more in revenue for Formula 1 and Liberty Media than the previous one.