Alessio De Marco
TAG Heuer is vying for pole position in Formula 1.
The Swiss watchmaker, one of several owned by French luxury conglomerate LVMH, has set about trying to unseat Rolex as the official timekeeping sponsor of the prestigious motor-racing competition.
LVMH chief financial officer Jean-Jacques Guiony has confirmed that TAG Heuer is in talks to take over the F1 sponsorship deal but didn’t share any further details, as reported by Bloomberg. “There are some discussions, but it’s not something I can elaborate on,” Guiony said in a conference call on Tuesday evening following the company’s second quarter financial results. “Nothing is decided.” (Robb Report contacted Rolex and Formula 1 for comment, but neither responded immediately.)
Rolex, the world’s most renowned watchmaker, has served as a global partner and the official timepiece of F1 since the 2013 season. The Crown has become a fixture of the championship over the past decade, with the official Rolex Pit Lane Clock ticking at every grand prix and branded banners adorning every track. Rolex also counts F1 drivers Sir Jackie Stewart, Mark Webber, and Nico Rosberg as “Rolex Testimonees.”
Rolex branding at the Hungarian Grand Prix.
Andrea Diodato/AP
TAG Heuer’s connection to Formula 1 runs even deeper. Heuer, as it was then known, was the first watchmaker to sponsor the F1 some 74 years ago. During the inaugural championship race in 1950, the teams used Heuer’s mechanical stopwatches to time laps. The brand’s highly reliable timing technology soon became a staple in motorsport. In 1971, Enzo Ferrari enlisted Heuer to design a new timing system for the Prancing Horse. In return, the racing magnate added the watchmaker’s logo to Ferrari’s cars and uniforms. Today, TAG Heuer is the official timekeeper and partner of the Oracle Red Bull Racing team but could have an even bigger presence on the circuits if the rumored deal goes ahead.
LVMH will have to shell out to get TAG Heuer into the top spot, of course: Multiple sources have reported that Rolex pays “tens of millions of dollars” annually under the sponsorship deal and that a potential new contract with LVMH could be worth $150 million per year. Bernard Arnault’s luxury behemoth could comfortably foot that bill, with annual revenue of roughly $93.5 billion in 2023. Rolex has deep pockets, too, with annual revenue reaching a record high of $11.5 billion last year. The Crown could yet fight to retain sponsorship rights.
Sounds like Max Verstappen and Lando Norris aren’t the only two battling it out in F1.
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