The company, based in Paris, whose full name is LVMH Moët Hennessy Louis Vuitton, are set to take on various roles through their partnership for next summer’s Olympic and Paralympic Games.

LVMH is Europe's most valuable company while its chairman and chief executive Bernard Arnault is France's richest man.

The company owns brands across six sectors - wines and spirits, fashion and leather goods, perfumes and cosmetics, watches and jewellery and selective retailing.

In the fashion sector it owns 14 brands, with the oldest Loewe, dating back to 1846 and the most recent Marc Jacobs, dating to 1984, while others include Christian Dior, since 1947, and Givenchy, since 1952.

As part of the LVMH Group's partnership with Paris 2024, watch company Chaumet are set to design the Olympic and Paralympic medals and Moët Hennessy, which specialise in wines and spirits, are set to offer their products as part of hospitality packages during the Games.

The deal also sees personal care company Sephora are acting as a partner for the Torch Relay and organising events to allow brands to promote themselves along the route.

Other elements of the partnership include LVMH providing direct support to French athletes considered big medal hopes.

Swimmer Léon Marchand, a three-time world champion and the world record holder for the 400 metres individual medley, is the first athlete selected for additional support.

The last part of the Paris 2024 partnership is a deal between LVMH and French charity Secours populaire français, which aims to support access to sport for 1,000 children and young people, aged between four and 25, who live in vulnerable situations.

As part of the deal, LVMH is set to provide funding for sports association memberships, training programmes and beginner classes.

Speaking about the partnership Arnault said: "This unprecedented partnership with the Paris 2024 Olympic and Paralympic Games will contribute to heightening the appeal of France around the world.

"It was only natural that LVMH and its maisons be part of this exceptional international event. 

"The values of passion, excellence and inclusion championed by high-level sports are cultivated each day by our teams, motivated by an unwavering desire to surpass limits."

Paris 2024 President Tony Estanguet added: "Today, with the LVMH Group, Paris 2024 has taken a decisive step forward. 

"LVMH already supported us during our bid for the Summer Olympics and we are thrilled to have the group with us 100 per cent for this exciting adventure.

"With its exceptional know-how, the LVMH Group will bring its immensely creative talent to this project and enable us to benefit from its extensive experience. 

"This partnership also sends a powerful signal that France’s leading businesses are behind the Paris 2024 Games, which will let our country shine brightly around the entire world."

Mobile phone giant Orange, supermarket chain Carrefour, banking group BPCE, electric company EDF and pharmaceutical group Sanofi are other premium partners of Paris 2024.

The announcement of the partnership with LVMH comes on the eve of the one-year-to-go milestone for the start of the Paris 2024 Olympics, which comes on Wednesday (July 26).