LVMH and the organizers of the Formula One races have signed a major sponsorship deal potentially worth $1 billion, with the French luxury goods group taking over from Rolex.

LVMH Moët Hennessy Louis Vuitton SE will become a major F1 sponsor from 2025, with brands including Louis Vuitton, Moët Hennessy and TAG Heuer all involved, according to a statement Wednesday. The deal confirms a report last month by Bloomberg News of an imminent deal between both parties.

The 10-year deal could be worth more than $1 billion with annual sponsorship fees topping $100 million, people familiar with the negotiations previously told Bloomberg News.

The deal is a blow to Rolex SA, the top Swiss watch brand that has been the timekeeping sponsor of F1 since 2013.

The popularity of F1 has exploded in recent years, driven by an expansion in race venues and the Netflix series ‘Formula 1: Drive to Survive.’

LVMH was a major sponsor for the Olympic and Paralympic Games held in Paris over the summer, providing financial support worth €150 million ($166 million). Its brands featured prominently throughout the competition.

LVMH’s Louis Vuitton and jewelry brand Tiffany & Co. regularly feature in global sporting events notably with the trunk cases at the Fifa World Cup or trophies for the NFL. Louis Vuitton has in particular run famous ad campaigns with footballers Cristiano Ronaldo and Lionel Messi as well as tennis players Rafael Nadal and Roger Federer shot by the photographer Annie Leibovitz.

The deal comes amid a demand slowdown for high-end goods. Shares of LVMH have fallen by about 8.9% so far this year as concerns about the appetite of Chinese consumers remain.