A Swiss watch brand owned by French luxury conglomerate LVMH is in talks to take over as sponsor of the Official Timekeeper of Formula 1 motor races, one of the most famous and expensive marketing deals in sports.
Leading Swiss brand Rolex has been Formula 1’s official timekeeper sponsor since 2013, with its signature green and gold advertising a common sight on F1 tracks.
Formula 1’s popularity exploded during the period, fueled in part by the success of the Netflix series ‘Formula 1: Drive to Survive.’
LVMH’s Chief Financial Officer (CFO), Jean-Jacques Guiony, in a conference call late Tuesday after the company’s second-quarter financial results said Tag Heuer, a smaller Swiss watch brand owned by LVMH, is in talks to take over the F1 sponsorship deal.