The French luxury concern LVMH with brands such as Louis Vuitton, Fendi and Hennessy has entered into a ten-year sponsorship agreement with Formula 1.
The agreement is estimated to be worth hundreds of millions of dollars and will come into effect next season when Formula 1 celebrates its 75th anniversary.
LVMH will thus become one of the main sponsors of motor sports, along with others such as DHL, Heineken, Pirelli and Qatar Airways.
The luxury company, owned by one of the world's richest people, Bernard Arnault, sponsored the Olympic Games in Paris last summer.
