French luxury brand LVMH has been announced as a premium partner for the Paris 2024 Olympic and Paralympic Games.

As part of its partnership with Paris 2024, LVMH’s watch company Chaumet will design the Olympic and Paralympic medals, while its wine and spirits brand Moët Hennessy will offer products as part of hospitality packages during the Games.

Other elements of the partnership include LVMH providing direct support to French athletes including swimmer Léon Marchand, the world record holder for the 400m individual medley, while its beauty retailer Sephora will sponsor the Olympic torch relay.

Terms of the deal, negotiated by LVMH chairman and chief executive Bernard Arnault, were not revealed but it is understood LVMH is pouring €150 million ($166 million) into the Games, the biggest sponsorship commitment of any company.

The French delegation will be dressed by one of LVMH’s “maison” luxury fashion houses.

The final part of its partnership will see LVMH and French charity Secours work to support access to sport for 1,000 children and young people aged between four and 25 living in vulnerable situations. LVMH will provide funding for sports association memberships, training programs, and beginner classes.

Paris 2024 president Tony Estanguet said: “Today, with the LVMH Group, Paris 2024 has taken a decisive step forward.

“LVMH already supported us during our bid for the Summer Olympics and we are thrilled to have this group with us 100% for this exciting adventure.

“With its exceptional know-how, the LVMH Group will bring its immensely creative talent to this project and enable us to benefit from its extensive experience. This partnership also sends a powerful signal that France’s leading businesses are behind the Paris 2024 Games, which will let our country shine brightly around the entire world.”

LVMH becomes the sixth top-tier domestic sponsor alongside communications firm Orange, electricity provider EDF, banking group BPCE, pharmaceuticals company Sanofi, and retail giant Carrefour.

LVMH owns high-profile brands across six sectors – fashion and leather goods, wines and spirits, perfumes and cosmetics, watches and jewelry, and selective retailing.

Its fashion and leather goods sector alone includes Louis Vuitton, Loewe, Marc Jacobs, Christian Dior, and Givenchy, while its wine and spirits sector boasts luxury champagne brand Moët and premium cognac label Hennessy.

Arnault said: “This unprecedented partnership with the Paris 2024 Olympic and Paralympic Games will contribute to heightening the appeal of France around the world.

“It was only natural that LVMH and its maisons be part of this exceptional international event. The values of passion, excellence, and inclusion championed by high-level sports are cultivated each day by our teams, motivated by an unwavering desire to surpass limits.”

Paris 2024 has been ramping up its partnerships ahead of its one-year-to-go milestone for the start of the Olympics, which comes tomorrow (July 26).

Last week, national carrier Air France became the 13th official partner of the Games alongside Caisse des Dépôts, Accor Live Limitless, Groupe ADP, ArcelorMittal, Cisco, Danone, CMA CGM, Decathlon, FDJ, GL Events, Le Coq Sportif, and PwC.

Organizers also announced Arena Group, the UK-based events company that provides temporary structures and seating at major sporting events, as an official supporter. French gas company Air Liquide also came on board as an official supporter late last month.

The Paris 2024 Olympics are scheduled to start on July 26 next year and will run until August 11.

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