French luxury goods giant LVMH on Wednesday announced a 10-year sponsorship deal as a global partner of Formula One.

The multinational based in Paris like F1's governing body the FIA, is best known for brands like Louis Vuitton, Moet Hennessy, and Tag Heuer.

The link up with Formula One, estimated at hundreds of millions of dollars, comes on the back of its close sponsorship with the Paris Olympics and Paralympics.

LVMH, owned by one of the world's richest people Bernard Arnault, join F1's other main sponsors like DHL, Heineken, MSC Croisieres, Pirelli and Qatar Airways.

The company in a statement explained Wednesday's announcement follows their successful backing of last year's Las Vegas Grand Prix.

The deal will start next season when F1 celebrates its 75th anniversary.

According to Arnault, the association is a match made in luxury heaven.

"The people, the quest for excellence and the passion for innovation are at the heart of the activity of our Maisons and Formula 1," he said.

"In motorsport as in fashion, watchmaking or wines and spirits, every detail counts on the path to success.

"Both in our workshops and on circuits around the world, it is this incessant search to break boundaries that inspires our vision, and this is the meaning that we want to bring to this great and unique partnership between Formula 1 and our Group."

Greg Maffei, boss of F1's owners Liberty Media, said: "LVMH and Formula 1 are two global brands that consistently push the boundaries of creativity and innovation, values core to Liberty Media.

“We were thrilled to work with one of the LVMH Maisons during the Las Vegas Grand Prix last year, and to now expand our relationship with the Group as they become a Global Partner."