Paris 2024 Olympic medals are displayed in customized baggage made by Louis Vuitton, LVMH model associate for the Paris Olympic and Paralympic Video games, earlier than the video games on July 22, 2024 in Paris At a celebration held by LVMH.
Stephen de Sakutin | AFP | Getty Photographs
Whether or not it is the Moët & Chandon champagne poured to have a good time victory or the bespoke baggage Louis Vuitton created for the medal ceremony, luxurious is on full show on the 2024 Olympic and Paralympic Video games in Paris.
For Carly Duguid, inventive director of tennis and vogue star Naomi Osaka, luxurious vogue and sport are the proper mixture.
“There are sturdy parallels between athletes and types’ dedication to high quality and excellence,” Duguid informed CNBC.
Within the age of affect, vogue is quickly integrating into the sports activities world and elevating athletes into tastemakers. These world stars assist manufacturers join with a complete new market of followers and potential new consumers.
Osaka is the primary athlete to collaborate with Louis Vuitton, whose roster now consists of Victor Wembanyama, Carlos Alcaraz and lots of French Olympic and Paralympic athletes Athletes.
LVMH shouldn’t be alone. Gucci has teamed up with British footballer Jack Grealish as an envoy and has put in billboards that includes Italian tennis champion Jannik Skinner in numerous cities. Caitlin Clark turned the primary skilled basketball participant to put on Prada within the 2024 WNBA Draft and has continued to put on basic designer items all through the season. Dozens of luxurious designers are designing outfits for the nationwide staff for the opening ceremony for the primary time, marking a brand new connection not solely between monitor and subject and vogue, but in addition between monitor and subject and the Olympics.
LVMH hopes to make a splash past its athlete partnerships by changing into the primary luxurious model to turn into an Olympic sponsor.
The guardian firm of manufacturers together with Celine, Louis Vuitton, Loewe, Sephora and Dom Perignon, whose roughly $160 million funding will account for almost 1% of LVMH’s 2023 income, supplies a luxurious touchpoint for the Olympics, from Chaumet-designed medals to French Athletes wore Berluti designs on the opening ceremony, and medalists wore retro-style French LVMH uniforms.
LVMH Financials, Luxurious Shopping for and Olympic Progress
As total luxurious spending slows, ties to the world’s most elite sporting occasions may present a lift for LVMH.
LVMH Moët Hennessy Louis Vuitton missed its second-quarter gross sales and income targets, whereas the posh items business usually struggled as world demand fell, primarily as a consequence of rising monetary instability and “aspirational” customers (younger The marketplace for first-time luxurious consumers) is shrinking.
Milton Pedraza, CEO of luxurious business consultancy The Luxurious Institute, stated that as an alternative of shopping for a “anonymous belt,” new potential consumers will see Olympic athletes surrounded by LVMH manufacturers and develop a need for these luxurious items. .
Luxurious manufacturers as soon as targeted totally on the most costly and unique sports activities, similar to tennis and crusing, however now promote what Pedraza calls “inclusion and exclusivity.”
“Right now, as a result of lots of the newly rich are athletes, actors, social media influencers, there are extra [idea that] No matter race, creed, gender or some other background, you probably have the monetary… capacity, you may take part in luxurious,” Pedraza stated.
A brand new period of luxurious in sports activities?
LVMH has introduced basic French glamor to the worldwide Olympics from its fashion-forward opening ceremonies, however the model’s affect extends far past French tradition.
“Sports activities, luxurious and vogue carry us collectively… Shared tradition is the aim to make sure that luxurious manufacturers… lengthen,” Pedraza stated.
The night time earlier than the opening ceremony, Osaka attended a celebrity-athlete social gathering on the Fondation Louis Vuitton in central Paris, attended by visitors together with LeBron James and Serena Williams, in addition to actors, artists and others sporting LVMH-branded attire. Enterprise tycoon.
Duguid referred to as it “an ideal alternative for athlete ambassadors to indicate up and assist their LVMH partnership whereas celebrating the opening of the Olympic Video games.”
As every medal tray dropped at the championship podium featured the plaid sample that has lengthy outlined the model,”[LVMH’s] The presence can be felt in each side of the Olympics,” Duguid stated.
Revealed: CNBC guardian firm NBCUniversal owns NBC Sports activities and NBC Olympics. NBC Olympics is the U.S. rights holder for all summer time and winter Olympics by means of 2032.
