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The 2024 Paris Olympic Gamings medals are proven inside a custom-made trunk produced by Louis Vuitton, an LVMH model title companion of the Paris Olympic and Paralympic Gamings, all through an occasion at LVMH in Paris on July 22, 2024, prematurely of the start of the 2024 Paris Olympic Video games.Â
Stephane De Sakutin|AFP|Getty Photos
Whether or not it is the MoÔ t glowing wine put to commemorate a win or the custom-made trunks that Louis Vuitton has really produced medal occasions, high-end has really gotten on full show display screen on the 2024 Paris Olympic and Paralympic Video games. Â
To Carly Duguid, the revolutionary supervisor for tennis and magnificence celeb Naomi Osaka, high-end model and sports activities are the best mixture. Â
” There is a strong parallel in between skilled athletes and model names of their dedication to high quality and high quality,” Duguid knowledgeable CNBC.Â
Within the influencer age, model has promptly welcomed the sporting actions globe and raised skilled athletes as model tastemakers. These worldwide celebrities support hyperlink model names to a whole brand-new market of followers and attainable brand-new consumers.Â
Osaka was the preliminary skilled athlete to companion with Louis Vuitton, whose lineup presently consists of Victor Wembanyama, Carlos Alcaraz, and many French Olympians and Paralympians.Â
LVMH will not be the one one. Gucci has an ambassadorship with British soccer gamer Jack Grealish and positioned signboards all through cities together with Italian tennis champ Jannik . On the 2024 WNBA draft, Caitlin Clark was the preliminary professional basketball gamer ever earlier than clothed by Prada, and stays to put on timeless developer use all season. A great deal of high-end builders outfitted nationwide teams for the very first time for the opening occasion, noting not simply brand-new connections in between sports activities and magnificence, but sports activities and the Olympic Video games.Â
LVMH has really sought to make an enormous sprint previous merely skilled athlete collaborations, ending up being the preliminary high-end model title to be an Olympic sponsor. Â
The about $160 million monetary funding, which stands for just about 1% of LVMH’s 2023 earnings because the mothers and pa agency of name names like Celine, Louis Vuitton, Loewe, Sephora, and Dom Perignon, has really equipped high-end touchpoints to the Gamings, from the Chaumet-designed medals to French skilled athletes placing on Berluti-designed clothes on the opening occasion and medal holders placing on vintage-style undoubtedly French, LVMH uniforms. Â
LVMH financials, high-end buying, and Olympic growthÂ
Connecting to the globe’s most unique exhibiting off events would possibly supply LVMH a rise as complete high-end prices slows.Â
Milton Pedraza, CEO of luxury industry consultancy The Luxury Institute, said that new potential buyers, rather than buying a “no-name belt,” will see athletes at the Olympics surrounded by LVMH branding and aspire for those luxury items.Â
Luxury brands once concerned themselves primarily with the most expensive and exclusive sports, like tennis and sailing, but now sell what Pedraza calls “inclusivity with exclusivity.”Â
“Today, because many of the rising wealthy are athletes, actors, influencers on social media, there is much more of an [idea that] irrespective of race, creed, gender, or any other background that you happen to have, you too can participate in luxury if you achieve the economic⦠ability,” Pedraza said.Â
A new era of luxury in athletics?
LVMH has brought the global Games a classic French glamor from the fashion-forward Opening ceremony, but the brand’s reach goes far beyond French culture.Â
“Sports and luxury and fashion bring us together⦠Shared culture is the objective to make sure that luxury brands⦠extend out,” Pedraza said.Â
The night before the opening ceremony, Osaka attended a star-athlete-studded party at Fondation Louis Vuitton in the heart of Paris alongside Lebron James and Serena Williams as well as actors, artists and other business moguls donning pieces from LVMH brands.Â
Duguid called it “the perfect opportunity for athlete ambassadors to show up and support their LVMH partnerships while also celebrating the beginning of the Games.”Â
As every medal tray brought to the champions’ podium is in the checker pattern that has long defined the brand, “[LVMH’s] presence will be felt in every vein of the Games,” Duguid said.Â
Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.
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