After 11 years as a Global Partner and the Official Timepiece of Formula One, Rolex will cede the sponsorship to LVMH, according to sources in Geneva.

According to sources, the LVMH group will be the official chronometer next season, beginning in Jan. 2025. The new annual contract is reportedly worth $150 million.

The LVMH group owns 75 brands, including TAG Heuer and Hublot.