LONDON (Reuters) - South Korean-based electronics company LG bucked the credit crunch by announcing a five-year global partnership with Formula One on Wednesday.
“History shows that if you want to build a brand, you have to invest in that brand,” the company’s chief marketing officer Dermot Boden told a news conference with Formula One supremo Bernie Ecclestone.
“And if you want to be successful, investing when there’s a downturn is probably one of the best times to really build your brand,” he added.
Ecclestone said LG would become an official sponsor of Formula One with the company’s branding to be visible on the international broadcast feed, timekeeping systems and graphics.
LG will also acquire marketing rights as the sport’s official consumer electronics, mobile phone and data processor.
No financial details were given, although Boden told Reuters the sum would amount to tens of millions of dollars over the period.
Reporting by Alan Baldwin; Editing by Clare Fallon