Fashion brand Hugo Boss has revealed it is to focus solely on Formula 1, ending its long-term association with the Formula E electric racing car series.
Hugo Boss swaps Formula E for key Formula 1 team role – Hugo Boss has sponsored Formula E since 2017-18, signing a central Formula E deal in November 2017, extended in 2020, and a separate team deal with Porsche Formula E Team in November 2018.
Having once championed Formula E as the future of motorsport, the company is now withdrawing from the sport. A company spokesperson said: “Hugo Boss is realigning its existing commitments in sports, and we will concentrate only on Formula 1 in the future.”
The move follows multiple reports that the brand is close to being named as the new title sponsor of Red Bull’s sister team, AlphaTauri, in 2024. AlphaTauri is a fashion brand founded in 2016 as a brand extension of Red Bull in the fashion industry.
Red Bull senior advisor Dr. Helmut Marko said in June that the AlphaTauri brand will come off the car next season.
Hugo Boss currently acts as a second-tier sponsor of the Aston Martin F1 Team in an agreement from 2022 to 2025.
The wholesale switch from Formula E to Formula 1 is a major turnaround for Hugo Boss. In October 2019, Mark Langer, then chief executive, told SportBusiness Sponsorship the biggest change initiated during his tenure was the move from F1 to Formula E.
“It was a decision we didn’t take lightly. We said, okay, there may still be stable or slightly shrinking TV coverage in F1, but in a fast-changing world what is the right sport to be associated with?
“Formula E was exactly what I was looking for. We met the founder and CEO, Alejandro Agag, and bought into is vision of what motorsport could be in the next phase.
“For us it was a very conscious move to be a first mover in something that is the only growing international platform when it comes to motorsport.”
Langer left the group in September 30, 2020 to be replaced by current chief executive Daniel Grieder.
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SOURCE: https://www.sportbusiness.com