Fashion races in Formula 1

Monza revs up for Sunday’s Italian Grand Prix and readies to welcome Italian Tifosi and vip guests. Last year’s distinguished attendees included Chiara Ferragni, Hugh Grant and Sylvester Stallone.«Sunday will be a challenging race, but we will compete to win» driver Charles Leclerc declared at the Ferrari Store in Milan. Charles arrived along with Carlos Sainz to greet fans before the practice session today. «Our clothing line sits at the intersection of fashion and automotive», Rocco Iannone, creative director of Ferrari, said to MFF. The collection will debut on Saturday 23rd at 9 a.m.

Besides, many luxury brands have the potential to benefit from the current popularity of Formula 1 among Gen Z. These brands are involved in projects and sponsorships related to the championship, which was established in 1950. The reported amounts for such projects range from 1 million euros to 70 million euros, depending on whether they cover single races or circuit partnership. However, the Maisons involved have not commented on the figures. Starting in 2021, Louis Vuitton has been producing the trophy case for the Monaco Grand Prix that features the iconic track with the Monaco red monogram and a «V» motif for «Victory». Chanel selected the Monte Carlo beach hotel to showcase its resort 2023 Collection. The collection draws inspiration from the racing aesthetic, featuring bodysuits resembling drivers’ suit, No. 5 helmets as accessories, and checkered flag motif. One standout piece, a T-shirt embellished with beads and sequins, depicts a stylized single-seater and quickly gained traction on social media.

«It is comparable to having the Super bowl every weekend» Francesco Ragazzi said. With his brand Palm Angels, he became the art and entertainment curator for US team Haas. He organizes various events and parties throughout the season. Recently, he even launched a co-branded collection, featuring prices that range from 200 to 1,400 euros. The popularity of F1 has skyrocketed in recent years, resulting in a significant increase in team values. Forbes estimates the average team value to be 1.88 billion dollars, a 276% rise from 2019. Additionally, according to Nielsen’s research, tv viewership has reached 2 billion people. Ferrari is reaffirmed as the team with the highest value in the industry after venturing into the fashion world under the creative direction of Rocco Iannone, who previously worked at Dolce&Gabbana and Armani. With an estimated 4 billion dollars (an increase of 189%), the red car remains the quintessential representation of motorsport and is always met with fervor from Tifosi at Monza during the Italian Grand Prix, followed by Mercedes at 3.8 billion dollars (+274%), Red Bull racing at 2.6 billion dollars. The top three teams have substantial social media followings. The German team boasts over 32 million followers on major platforms, while the Austrian team exceeds 29 million and the Prancing Horse reaches 24 million.

«The fashion industry has come to realize the potential of sports in reaching a global audience» Lewis Hamilton, a seven-time world champion driver who designed the Tommy x Lewis racing-inspired collections for Tommy Hilfiger, said. The British star possesses a fortune valued at approximately 300 million dollars, attained through various contracts during his career, including a 45 million dollar deal with McLaren and his current annual 57 million dollar contract with Mercedes, and sponsorships totaling 10 million dollars per year. These include two agreements from his endorsement with Iwc, a watch brand owned by Richemont. Since July 2022, Hugo Boss has partnered with Aston Martin as their global fashion partner. They design formal occasion, racing, and travel clothing for the entire team. The Group appointed Spanish driver Fernando Alonso as its new brand ambassador. Berluti, a brand owned by Lvmh, joined forces with Alpine as its elegance partner. McLaren’s initial major collaboration was with Rhude, Rhuigi Villaseñor’s label, resulting in a 12,000 dollar racing jacket inspired by the team’s classic uniforms and a 7,000 dollar collector’s helmet. The Red Bull Group introduced AlphaTauri, a clothing line that will take on the name of the Austrian holding company’s second team starting in 2020. Rolex, which has been the global partner and official timekeeper of the Formula 1 World Championship for 10 years, is designating the Australian, Austrian and Brazilian Grand Prix for this season.

Other prominent luxury brands have signed sponsorships with teams. Tag Heuer is the official timekeeper of the Monaco Grand prix and sponsors Red bull racing and drivers Sergio Perez and Max Verstappen, while Iwc is worn by Lewis Hamilton, George Russell and the entire Mercedes team. Richard Mille has secured contracts with two of the most prestigious teams in history: McLaren and Ferrari. The Prancing horse has established a multi-year partnership with Giorgio Armani in 2021 to provide attire for its drivers, Carlos Sainz and Charles Leclerc, the latter also serving as ambassador of the Italian fashion house, during formal events. (All rights reserved)