Rolex Renews F1 Aussie GP Title Sponsorship Deal, Boosts Spending In Asia 

Swiss luxury watchmaker Rolex renews its sponsorship deal with the Australian leg of the Formula 1 Grand Prix. 

Under the collaboration, the  luxury watchmaker continues being the title partner of the F1 Australian GP at Albert Park in late March next year, the third race of the upcoming 2024 season. 

Prior to this deal, Rolex served as the event’s title partner from 2013 to 2020, and returned to the foray for this year’s race. The renewal will see the partnership reach a decade. 

Besides its title sponsorship of the F1 Australian GP, Rolex also serves as the official timekeeper, timepiece and global partner of F1.  

With the 2023 season ending last week, the build-up to the F1 2024 season has been heating up, more so with the likes of Oscar Piastri, Daniel Ricciardo, Yuki Tsunoda and Zhou Guanyu representing drivers from the Asia-Pacific (APAC) region. 

Following the announcement, Australian Grand Prix Corporation CEO, Travis Auld, said,“We are thrilled to welcome Rolex back as Title Partner for 2024 and look forward to continuing to work together to create as exceptional event. Rolex is synonymous with Formula 1 and are globally recognised as a leader in their field – they are a perfect match for the Australian Grand Prix.”

“There is a lot of work happening behind the scenes to put together the best combination of motorsport, entertainment and hospitality that Albert Park has ever seen in 2024. We can’t wait to welcome fans back through the gates and share these experiences with them in March.”

Rolex SA, Director of Communication & Image, Arnaud Boetsch, added, “Rolex has a huge affinity for Australia, enjoying strong sporting ties with the city of Melbourne and being proud Title sponsor of the Australian Grand Prix. The brand forged its partnership with Formula 1 a decade ago by becoming a Global Partner and the Official Timepiece of the racing series. This alliance with the pinnacle of motor sport is found on our mutual quest for precision and world-leading technology.”

According to ASN data, Rolex is the 3^rd largest investor (9.2%, ~US$12.3m) for its category in the Asian sponsorship market since Q121. In fact spends for Q423 is tipped to hit slightly over US$5.4m, almost 5.2x over the average quarterly investment of slightly over US$1m. This has been buttressed by investment in typical platforms such as motorsports (F1), tennis (ATP Shanghai Masters), sailing, golf and celebrity endorsements.