Formula 1 racing team Alpine has concluded a multi-million dollar deal with the renowned Italian fashion company Gucci.
According to the official announcement, the contract runs from the coming season and will last for several years.
Gucci replaces Alpine’s previous title sponsor BWT, an Austrian manufacturer of specialty chemicals and water treatment systems.
Alpine will then officially compete in the premier motorsport class under the name “Gucci Racing Alpine F1 Team”.
The deal pays off for the French: Gucci allegedly transfers between 50 and 60 million US dollars per season to Alpine, which is the equivalent of around 43 to 51 million euros.
According to reports, the agreement runs for three years, and bonus payments for achieving certain performance goals are apparently also possible.
In total, the “The Race” portal calculates that the sum is the equivalent of around 130 million euros.
By entering Formula 1, Gucci wants to boost its popularity and growth, especially in the USA and Europe. The Florence-based company is a subsidiary of the luxury goods group Kering.
Formula 1 connection thanks to ex-Renault boss
The connection to Formula 1 exists primarily thanks to Luca de Meo, long-time boss of Renault and CEO of Kering since last summer.
BWT had been involved with Alpine since 2022 as part of a multi-year contract, after the company had previously ended its five-year stint as title sponsor of the former Force India team.
Meanwhile, a lot could soon change in Alpine’s corporate structure: a buyer is to be sought for the 24 percent shares in the racing team held by Otro Capital. In addition to a consortium led by ex-Red Bull team boss Christian Horner, Mercedes also recently showed interest.
The Renault Group holds the remaining 76 percent of the shares.
