French luxury group LVMH has become a major partner for the upcoming Olympic Games in Paris. Also known as the Olympic Paris 2024 Games or the Summer Games 2024. This partnership comes as a much-needed boost for the event's organizers, who were facing budgetary challenges due to increased costs.

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The deal, which has been estimated to be worth approximately €150 million, will play a crucial role. Bridging the financial gap and ensuring the successful execution of the games. The event is scheduled to take place from July 26 to August 11 next year. Time was of the essence in securing adequate funding. Paris 2024 had initially set out to minimize reliance on taxpayer funding and sought support from private-sector sponsors.

The delayed response from corporate sponsors was partially due to the Covid-19 pandemic, which affected decision-making processes. But now, companies like LVMH are stepping up to the plate to offer their assistance. Carrefour, another sponsor, has provided support in kind, including supplying fresh fruit for athletes during the games.

This partnership with LVMH marks a significant milestone for the Paris Olympics. As it represents the first time Europe's largest company by market value is sponsoring the event at a group level. Under the umbrella of LVMH, various prestigious brands are actively participating in different aspects of the games. For instance, LVMH's jeweller, Chaumet, will design the medals. While beauty retailer Sephora will be involved in the Olympic torch relay.

An Overview of the Olympic Paris 2024 Games

Additionally, Moet Hennessy, known for its champagne, will supply hospitality venues. One of LVMH's luxury brands will dress French athletes. Bernard Arnault, the billionaire CEO of LVMH, expressed enthusiasm for the collaboration. Stating that it was only fitting for LVMH and its brands to be part of such an exceptional international event.

As the budget for the Olympic Paris 2024 Games has risen to an estimated €8.8 billion. Concerns about financial constraints have been raised. France's national auditing body. Ticket prices for some events have drawn criticism. But they are essential to cover a significant portion of the operational budget. The remaining funding comes from sponsorships and support from the International Olympic Committee.

Despite these challenges, the Olympics Paris continues to enjoy significant public support. Recent polls indicate that 72 per cent of people in July expressed broad backing for the event. Though this figure has declined slightly compared to three years ago when it stood at 84 percent.

With LVMH and other major sponsors like energy group EDF and telecoms company