Motor racing series Formula E has extended with long-term sponsor, luxury clothing and apparel brand Hugo Boss.
The brand will continue as official apparel sponsor until at least the end of the 2022-23 World Championship season.
As part of the deal, Hugo Boss gains naming rights to premium hospitality experiences at every Formula E race. In addition, the organisation’s senior management, staff and volunteers will continue to wear the brand’s attire.
SportBusiness Sponsorship sources indicate the value of the previous contract between the two organisations, which began in 2017, was about €2.5m ($xxx) per year.
Jamie Reigle, chief executive of Formula E, said of the extension: ‘’Hugo Boss was the first lifestyle brand to join Formula E in season four and extending our partnership reaffirms our shared commitment to create a more sustainable future. Hugo Boss is more than our Official Apparel Partner, they reinforce our position as a global lifestyle movement.’’
The extension of the Hugo Boss agreement bolsters the sport’s sponsorship portfolio, which is headlined by multinational technology corporation ABB.
The 2019-20 Formula E season is well underway having began on November 22 last year. It will end with the double-header season finale in London, taking place on July 25 and July 26 of this year.
It was recently announced that the world governing body for motorsport, the Fédération Internationale de l’Automobile (FIA), has granted the following 2020-21 Formula E season World Championship status for the first time.
It joins Formula 1 and the World Endurance, World Rally and World Rallycross championships in holding the elevated status with the FIA.