Speaking to French media before the Games, Arnault’s son, 47-year-old Antoine, LVMH’s head of communications and image, said: “We found this means, [which is] very discreet but at the same time paradoxically very visible, to be present. It is a trick, or a subliminal way, of being present”. He told Bloomberg his father was initially reluctant to write the cheque before warming to the idea that LVMH, the standard bearer for French culture around the world, had a responsibility to make the Games a success.

LVMH also cannily picked as brand ambassadors French athletes who would go on to become Olympic heroes, notably swimming superstar Léon Marchand for Louis Vuitton, along with French basketball ace Victor Wembanyama and Antoine Dupont, who captained France’s rugby sevens champions.

In another coup, Arnault’s founding brand Dior was the most talked-about of the games, according to tracking firm Launchmetrics, followed by Adidas, Nike, Ralph Lauren, and Louis Vuitton (also LVMH). Other LVMH brands in the mix included Chaumet (ranked No. 11), Berluti (No. 13), and Sephora (No. 17). La Croix, the French Catholic daily, said Arnault could be declared “the great winner of the Olympics”.

Then came news last week that LVMH was moving into F1, taking over from Rolex in a major sponsorship deal they said came on the back of their successful backing of last year’s Las Vegas Grand Prix. Two sons from among his five children from two marriages, Frédéric, 28, CEO of LVMH’s watch brands and Jean, 25, the director of watches at Louis Vuitton, are the apparent driving force before the move to F1, timed to start for the new season in 2025. 

Frédéric Arnault is CEO of TAG Heuer, a Swiss watchmaker synonymous with motorsport heritage; the brand is a partner of Red Bull Racing and world champion driver Max Verstappen. The deal will see TAG Heuer secure the position of F1’s official timekeeping brand, replacing Rolex, which had held the sponsorship since 2013. Meanwhile, the group’s bubbly, Moët Chandon, replaces Mumm on the victory podiums.

Speaking to the Telegraph, former F1 champion Damon Hill says he thought the tie-up between F1’s owners Liberty Media and LVMH, made sense.

“F1 has been really expanding since Liberty took over and they’ve done a few smart moves in the way they’ve marketed it brilliantly. At one time it was in danger of becoming more of an old man’s sport but there’s been a huge influx of fans in particular through Netflix and the Drive to Survive series, which has been huge.”

By way of anecdote, he says: “My friends’ kids when they were growing up never asked me a single thing about racing driving. Since the Netflix series, they look at me with awe! I can understand a young tycoon would be interested. They see it as sexy, contemporary sport.” 

But he adds: “I don’t think you could consider this an indulgence. I think it’s definitely a brand fit with F1 which, since its inception, has identified itself with the attributes of luxury lifestyles. I can see LVMH would want to be part of it.”