When the luxury giant, LVMH, announced its official sponsorship of the Paris 2024 Olympics in July 2023 it set the Dior bar high. Pun intended. Announced as a “Premium Partner” alongside fellow French companies, Accor, Groupe BPCE, Carrefour Group, EDF, Orange and Sanofi, it was, reportedly, a reluctant sponsor. But, as the largest French company in the world with total revenues of over €86.2 billion in 2023, its €150 million investment looked like pocket change to the French government twisting its arm to invest.
The first major luxury fashion connection to the Olympics – Omega watches continue to be a ‘Worldwide Partner’ and has served as the Official Timekeeper of the Olympic Games since 1932 – LVMH announced that several of its ‘iconic’ Maisons would be “playing high-profile roles to ensure that French savoir-faire shines brightly during defining moments of the Paris 2024 festivities”. This included Berluti, Chaumet, Dior, Louis Vuitton, Moët Hennessy and Sephora, the Official Partner of the Olympic and Paralympic Torch Relays.
Louis Vuitton had previously dabbled with the odd travelling trunk for a premium trophy.
Two weeks later, did an “elevated” Paris Olympics work for luxury and has it set a precedent for future mass sporting events and luxury tie-ups?
Medals, designed by Chaumet, were carried in Louis Vuitton Damier cases, while medal bearer uniforms were also created by Louis Vuitton (Image: LVMH)
The expectations for Paris were high. Many people had bought into the years of luxury marketing from LVMH and the idea that Paris is the epicentre of global luxury. The reality of the opening and closing ceremonies was very different.
While ambitious, the first opening ceremony outside a stadium lacked a clear vision or brand voice and didn’t present France as a sophisticated or contemporary creative machine. The brands were present, but nobody seemed to take charge of the full vision and the majority of references would have gone over viewers’ heads, despite LVMH becoming the Paris 2024 organising committee’s main partner for the opening ceremony.
Rolling Louis Vuitton monogrammed trunks around the cobbled streets of Paris looked clunky and brought to mind the nouveau-riche image of a travelling Joan Collins at Heathrow Airport in the 1980s. Also Louis Vuitton Men’s Artistic Director – and global music superstar – Pharell being part of the torch-bearing procession (main image) didn’t go over as well as might have been expected (since he is neither French nor an athlete, so the appropriateness of this was widely questioned). Star performers like Lady Gaga and Celine Dion were dressed by Dior, but apart from that there were few ‘wow’ moments from the ceremony that would remain in people’s memories.
Perhaps its presence wasn’t as coherent as it could have been, as LVMH had to navigate strict promotional rules during the ceremony and throughout the games. It was reported that an LVMH advertisement, due to appear in the middle of the opening ceremony, was cut from the official schedule by the International Olympic Committee (IOC).
The French Olympic team wore uniforms from LVMH-owned Berluti (Image: LVMH)
Further into the games, the French Olympic delegation wore relaxed Berluti sportswear (it was a shame these outfits were largely obscured by plastic ponchos during the Opening Ceremony boat pageant) while Louis Vuitton Damier checked trays were used to present the medals carried by medal bearers wearing Louis Vuitton-designed uniforms. To worldwide TV viewers, any other brand visibility was limited. The closing ceremony was even less memorable with only the LA segment offering some excitement.
Sports, sportswear and sports professionals have been a major driver of fashion sales for luxury fashion brands over the past decade. The opportunity for exposure at the Olympics is huge, but mostly doesn’t go further than sponsorship of chosen sporting individuals for single luxury brands.
Thanks to the sponsorship of Paris 2024, LVMH has been positioned alongside day-to-day global mass brands such as Airbnb, Alibaba, Allianz, Atos, Bridgestone, Coca-Cola, Deloitte, Intel, Omega, Panasonic, P&G, Samsung, Toyota and Visa. This type of overexposure comes at a difficult time. Luxury sales are slowing – LVMH reported €41.7 billion in revenue in the first half of 2024, down 1%, and €20.9 billion ($22.7 billion) in the second quarter, up 1% year-over-year – and many aren’t sure if and when they will start to grow again for the luxury French conglomerate.
LVMH was in a difficult position. It couldn’t refuse support to France’s first Olympics in a century, yet its strength in having so many brands was a weakness here. It should have just chosen one brand to sponsor and let the creative director oversee the presentation. Or perhaps it should have thought of its sponsorship like philanthropy – much like the €200m Bernard Arnault’s (the billionaire chief of LVMH and France’s wealthiest man) donated to the restoration of Notre Dame cathedral in Paris – and expected nothing in return other than goodwill from the French public.
The Paris 2024 was a great advert for tourism, the effect on already highly-exposed LVMH-owned luxury brands is debatable.
