Withdrawal after 6 years: Sponsor Hugo Boss leaves Formula E
It's a setback for Formula E: The fashion brand Hugo Boss will not renew its contract with the electric racing series, thus ending a six-year partnership. For the 2024 World Championship, Formula E will have to look for a new title sponsor for the VIP area previously called Boss E-Motion Club. The German company wants to focus fully on Formula 1 instead. The decision might also affect the TAG Heuer Porsche team.
"We can confirm that our contract as a partner of Formula E will expire at the end of this season. It has been a great partnership for us and together with Porsche we have delighted a large number of fans worldwide over the years," a spokesperson for the brand told Motorsport-Magazin.com. This is a major setback for Formula E, as the fashion brand will instead return to advertising in Formula 1, which has grown significantly in popularity over the past few years.
"Hugo Boss is realigning its existing commitments in sport and we will focus only on Formula 1 in the future," the company added. The company has a long history in F1: Boss was a sponsor of McLaren for more than 30 years before becoming an outfitter for the Mercedes factory team. In 2017, the switch to Formula E followed. Last year, however, Boss returned to F1 as a partner of Aston Martin. Rumour has it that the brand will become the title sponsor of the current AlphaTauri team next year.