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The 2024 Paris Olympic Games are showcasing a striking blend of athletics and luxury, exemplified by the unique presentation of medals in a custom trunk designed by Louis Vuitton, an official partner of these Games. This event marks a notable moment as the world eagerly anticipates the commencement of the Olympics.
Luxury’s presence is undeniable, from the Moët champagne typically enjoyed during celebrations to the exquisite trunks crafted specifically for medal ceremonies. Carly Duguid, creative director for tennis star Naomi Osaka, notes that the realms of high fashion and athletics harmoniously intersect. “There’s a strong parallel between athletes and brands in their commitment to quality and excellence,” she remarked in a discussion featured by CNBC.
In today’s influencer-driven world, the synergy between fashion and sports is more pronounced than ever, with athletes emerging as influential trendsetters. These celebrated sports figures serve as bridges to new demographics of fans and potential customers for luxury brands.
Naomi Osaka was the first athlete to collaborate with Louis Vuitton, a relationship that has since expanded to include U.S. basketball prodigy Victor Wembanyama, tennis sensation Carlos Alcaraz, and many athletes representing France. This trend is not exclusive to Louis Vuitton; Gucci has partnered with British soccer star Jack Grealish, utilizing billboards to feature Italian tennis champion Jannik Skinner. In a groundbreaking move, Caitlin Clark made history at the 2024 WNBA draft by becoming the first professional basketball player styled by Prada, who continues to showcase high-end designer fashion throughout the season. For the first time, numerous luxury designers dressed national teams at the opening ceremony, reinforcing the emerging ties between international athletics and high fashion.
Further solidifying its role in the Olympic spectacle, LVMH has made a remarkable entry as the first luxury brand to sponsor the Olympic Games, committing approximately $160 million—around 1% of its 2023 profits. This investment spans its various brands, including Celine, Louis Vuitton, Loewe, Sephora, and Dom Perignon, enhancing the Olympic experience with sophisticated elements, such as the Chaumet-designed medals and the Berluti-designer outfits worn by French athletes during the ceremony.
LVMH Financials and Olympic Growth
As overall luxury spending begins to slow globally, LVMH’s engagement with elite sports events, such as the Olympics, could provide a welcome boost. Recent reports indicate that LVMH fell short of its second-quarter sales targets, mirroring broader challenges within the luxury sector due to a decrease in global demand driven by financial uncertainties and a contracting base of aspirational consumers.
Milton Pedraza, CEO of The Luxury Institute, asserts that exposure to LVMH branding through high-profile athletes could capture the attention of new segments of customers who now aspire to own luxury items they see athletes flaunting on a global stage.
Historically, luxury brands targeted only the most exclusive sports such as tennis and sailing, but there’s a shift toward what Pedraza describes as “inclusivity with exclusivity.” This transition reflects the rising influence of athletes, actors, and social media influencers, fostering a cultural landscape where luxury is more accessible than ever across various demographics.
A New Era of Luxury in Athletics?
LVMH’s involvement in the Olympic Games is not restricted to its French heritage, as the overarching influence of luxury spans cultures and borders. “Sports and luxury and fashion bring us together… Shared culture is the objective to ensure that luxury brands can extend their reach,” Pedraza emphasized.
As the opening ceremony approached, Osaka joined fellow star athletes like LeBron James and Serena Williams at a high-profile event held at the Fondation Louis Vuitton in Paris. Surrounded by actors and business leaders adorned in LVMH creations, Duguid described the event as a prime opportunity for athlete ambassadors to affirm their partnerships with LVMH while commemorating the Olympic kickoff.
The unique checker pattern defining LVMH’s design aesthetic is set to become a symbol at the Games, creating a lasting impression of luxury that will echo throughout the festivities. “LVMH’s presence will be felt in every vein of the Games,” Duguid noted, highlighting the integral role of luxury branding in this international spectacle.
Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics holds the U.S. broadcast rights to all Summer and Winter Games through 2032.
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