The collaboration will formally begin with the next Formula One season and feature "hospitality, bespoke activations, limited editions, and outstanding content", according to CNBC reports.

LVMH and F1 had collaborated on projects before their official agreement. According to Liberty Media president and CEO Greg Maffei, F1 collaborated with one of LVMH's brands at the Las Vegas Grand Prix last year, and the partnership proved successful.  

The brands featured in the partnership include Louis Vuitton, Moet Hennessy, and TAG Heuer, all owned by LVMH.

There were no financial specifics included in the statement, and further information on the partnership is scheduled to be released in 2025.

F1 was acquired by Liberty Media in 2017, and since then, the league's expansion has been significantly boosted.

In 2019, Netflix debuted "Formula 1: Drive to Survive," a behind-the-scenes series that helped convert F1 from a specialised sport to a wider audience by showcasing the characteristics of individual drivers. Social media and content producers have also boosted interest in the sport by providing additional avenues for individuals to become fans.

(Sources: cnbc.com)