F1 Rumour: Huge Fashion Brand To Take Over AlphaTauri Title Sponsorship Rights
A significant rebranding exercise is in the pipeline for the AlphaTauri Formula 1 team, with internationally acclaimed clothing brand, Hugo Boss, slated to take over the naming and sponsorship rights.
The aim is to find a new major sponsor, moving away from the team's current name - AlphaTauri, which comes from Red Bull's own clothing brand established in 2016. Insider sources report that negotiations with Hugo Boss are underway.
Earlier this year, Red Bull Motorsport Advisor Helmut Marko confirmed that a name change was expected for Red Bull's sister team by 2024. Other internal changes are also afoot within the team based in Faenza, Italy. Team Principal Franz Tost is retiring and will be replaced by former Ferrari Sporting Director Laurent Mekies.
CEO Daniel Grieder, who took the helm at Hugo Boss in June 2021, has been instrumental in shifting the company's focus towards F1. With previous experience at Tommy Hilfiger, Grieder had worked closely with seven-time World Champion Lewis Hamilton. On assuming leadership at Hugo Boss, he diverged from the strategy he used at Hilfiger, identifying the sports market as a significant avenue for expanding the Hugo Boss brand.
Upon joining Hugo Boss, Grieder aimed to boost sales to around $4 billion annually by 2025. However, due to a surge in sales, the target is now revised to $5 billion. The brand has also extended its partnerships with McLaren and Mercedes teams.
According to RacingNews365.com, sources suggest that Grieder plans to incorporate more clothing brands under the Hugo Boss umbrella. The AlphaTauri brand is seen as an ideal addition to the portfolio. However, it's still unclear what name the team would adopt from the 2024 season.
Hugo Boss, a current partner of Aston Martin, refused to comment on the potential acquisition of AlphaTauri or a sponsorship agreement with the AlphaTauri F1 team. The brand did confirm its ongoing relationship with Aston Martin, with a spokesperson saying:
"Our BOSS brand is, and will continue to be the official fashion partner of Aston Martin."
In addition to Hugo Boss, Orlen, a current sponsor partially owned by Saudi Arabia's Aramco, is also reportedly interested in becoming the primary sponsor of AlphaTauri. It's understood that Red Bull is currently only in talks with Hugo Boss and Orlen, with a final decision expected by September.