The French luxury brand Chanel, known for its quilted bags and tailored suits, will be the first company to sponsor the historic Oxford and Cambridge Boat Race in Britain next year. This is the first time the company has sponsored a sporting event.

In an effort to reach new audiences, luxury fashion companies are increasing their sponsorship of sports. LVMH sponsored Paris Olympics, and earlier this year, the luxury giant announced a 10-year agreement with Formula One motorsport.

The oldest sporting event in Britain is Britain's Boat Race. Eight-person crews from Oxford and Cambridge Universities row along a 4-mile stretch of Thames.

Frederic Grangie, president of Chanel watches and jewellery, said that the Boat Race shares the same values as collective effort and pursuit of excellence.

The race will be called "The Chanel J12 Boat Race", after the watch of the company, as part a long-term agreement between the label's and the race's organizers. Financial details were not disclosed.

The Boat Race Company stated that it believes Chanel's sponsorship will help it reach new audiences. Last year, the race was sponsored Gemini, an online cryptocurrency platform. (Reporting and editing by Sharon Singleton, Mimosa Spencer and Sarah Young)

(source: Reuters)