Lvmh Just Became a Premium Sponsor of the 2024 Paris Olympics – but Antoine Arnault, Son of Billionaire Ceo Bernard Arnault, Says the Company ‘Didn’t Want to Just Be a Financial Partner’

French luxury brand LVMH announced on Monday it will be a “premium sponsor” of the 2024 Paris Olympics, allowing the organisers to practically reach their sponsorship target of 1.24 billion euros (US$1.37 billion).

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

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He made the announcement at a news conference in Paris attended by International Olympic Committee President Thomas Bach, Paris 2024 chief organiser Tony Estanguet, Paris Mayor Anne Hidalgo and France’s sports minister Amelie Oudea-Castera.

“There were many wild theories about the reasons why it took so long,” Antoine Arnault told AFP.

“We didn’t want to just be a financial partner, we wanted to have a role to play in the holding of these Olympic Games.”