LVMH agreed to become a premium sponsor of the 2024 Summer Olympics in Paris in the first deal of its kind for the luxury conglomerate headed by billionaire Bernard Arnault.

The announcement by Europe’s most valuable company ends months of speculation over its participation in the sporting event, which starts in a year’s time. The Louis Vuitton owner joins a list of premium partners that includes other top French companies such as telecom carrier Orange and grocer Carrefour.

Some LVMH Moet Hennessy Louis Vuitton brands have been official partners of global competitions, including watchmaker Hublot, which has been the official timekeeper of the football World Cup. But this is the first sponsorship by the luxury conglomerate, headed by the world’s second wealthiest person, after Elon Musk.

The deal “will contribute to heightening the appeal of France around the world”, Arnault said in a statement. LVMH’s French jewellery brand Chaumet will design the Olympic and Paralympic games medals, while wines and spirits produced by Moet Hennessy will be served to hospitality guests during the games, the statement added.

The Summer Olympics will take place next year between Jul 26 and Aug 11, mostly in the French capital although some events will take place in Marseille and Tahiti. They’ll be followed by the Paralympic Games between Aug 28 and Sep 8. BLOOMBERG