Paris 2024 Olympic medals are displayed in customized baggage made by Louis Vuitton, LVMH model companion 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 Photos
Whether or not it is the Moët & Chandon champagne poured to rejoice 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 right mixture.
“There are robust 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 international stars assist manufacturers join with an entire 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 varied cities. Caitlin Clark grew to become 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 observe and subject and vogue, but in addition between observe and subject and the Olympics.
LVMH hopes to make a splash past its athlete partnerships by changing into the primary luxurious model to grow to be an Olympic sponsor.
Funding from LVMH, the mother or father firm of manufacturers similar to Celine, Louis Vuitton, Loewe, Sephora and Dom Perignon About $160 million, or almost 1% of income in 2023, offers the Olympics with a luxurious touchpoint, from Chaumet-designed medals to French athletes carrying Berluti-designed attire on the opening ceremony, with medalists carrying 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 Gross sales and income targets for the second quarter have been missed, and the luxurious business is mostly struggling as international demand declines, largely resulting from rising monetary instability and the decline of “aspirational” shoppers (younger first-time luxurious consumers) ) market shrinks.
Milton Pedraza, CEO of luxurious business consultancy The Luxurious Institute, mentioned that as a substitute of shopping for a “anonymous belt,” new potential consumers will see Olympic athletes surrounded by LVMH manufacturers and develop a want 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.”
“At present, as a result of most of the rising wealthy are athletes, actors, social media influencers, there are extra [idea that] No matter race, creed, gender or some other background, if in case you have the monetary… capacity, you’ll be able to take part in luxurious,” Pedraza mentioned.
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 convey us collectively… Shared tradition is the objective to make sure that luxurious manufacturers… prolong,” Pedraza mentioned.
The evening earlier than the opening ceremony, Osaka attended a celebrity-athlete get together 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 carrying 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 shall be felt in each side of the Olympics,” Duguid mentioned.
Revealed: CNBC mother or father firm NBCUniversal owns NBC Sports activities and NBC Olympics. NBC Olympics is the U.S. rights holder for all summer season and winter Olympics via 2032.
