While the luxury market continues to face a global slowdown, brands like Rolex have deepened their partnerships with sports in an attempt to increase visibility and find new customers.
Last month, Chanel said it would become a partner of the rowing race between Oxford and Cambridge, while L'Oréal said it would sponsor a crew on the America's Cup. Starting in 2025, LVMH will partner with Formula 1 and is now in talks to acquire the Paris FC.
Last week, the news broke Rolex would expand its support to the Women’s Tennis Association. A day later, it announced it would also increase its sponsorship with SailGP, a fairly new competition with state-of-the-art catamarans reaching 50 knots.
Rolex has severed its F1 ties because of a dispute over the contract’s duration, Coronet was first to report, as F1’s carbon footprint continues to garner attention. In SailGP, however, Rolex sees a sport “geared towards delivering climate-positive events,” the brand said.
“SailGP is inspiring positive change through its initiatives to encourage sustainability… [by] utilizing circular manufacturing processes when building new race boats,” Rolex said. “SailGP has an ambitious goal to be 100 percent powered by nature, both on and off the water, by 2025.”