11/26/2008 10:23:00 AM
LG heavily invests in its brand with Formula One sponsorship
LG will attempt to re-brand itself by forking out on a five-year Formula One sponsorship deal.
Dermot Boden, LG’s chief marketing officer said: ‘It is a hefty investment for our brand.’
The deal will make LG one of the sponsors for the entire sport, largely increasing its marketing spend even in the economic downturn.
Boden said the deal aims to redefine LG and align it with the glamour of Formula One.
He said: ‘Formula One represents a quality LG wants to represent. [With the deal], we want to really build an emotional connection with our consumers.’
The partnership will officially start in March 2009, when Formula One kicks off the season in Melbourne.
The deal was announced this morning (26 November) at London’s Landmark hotel