PARIS, May 27 (Reuters) - Gucci will partner with Renault's Alpine Formula One team, with the team racing as "Gucci Racing Alpine Formula One Team" and competing in the brand's colours from the 2027 season, the brand said on Wednesday.
The announcement is Gucci's latest in a string of high-profile moves to boost its visibility and revive sales after years of decline. Earlier this month, it staged a major runway show in New York's Times Square in a bid to grab global attention.
The collaboration will be part of Gucci Racing, which Gucci says will be "a new business and experiential platform built around the values of performance, precision, discipline, and excellence at the intersection of luxury and sport."
As the luxury industry is grappling with falling global demand for its prized handbags and dresses, exclusive events like Formula One racing have emerged as a major new playing field.
In 2024, the racing league clinched a multi-year deal with French luxury giant LVMH valued at over $100 million.
The Gucci deal, for which no financials were disclosed, will make the Italian brand the first to lend its name to a racing team, the company said.
The tie-up with Renault's racing team brings the brand closer to the world of Luca de Meo, the CEO of its French parent company Kering, who previously served as the chief executive of the carmaker.
Alpine's team is headed by Flavio Briatore, a friend and longtime ally of De Meo.
(Reporting by Tassilo Hummel and Makini Brice)
