$4.6 billion worth sponsor reportedly set to ditch Aston Martin for AlphaTauri

Aston Martin’s current title sponsors Hugo Boss emerge as top contenders to replace AlphaTauri.

Alphatauri (Image credit: Motorsport.com) and Hugo Boss (Image credit: Vecteezy)

Red Bull’s F1 team, AlphaTauri, will undergo a name change by year-end, but the new name is still a mystery. Despite tempting offers of up to $1 billion from potential buyers, Red Bull retained ownership amidst the excitement surrounding F1. According to recent reports, fashion giant Hugo Boss is a likely candidate to take over the team.

Hugo Boss boasts a significant F1 history, sponsoring McLaren for 30 successful years. They later allied with Mercedes from 2015 to 2017, briefly focused on Formula E, and returned this year with Aston Martin.

CEO Daniel Grieder driving their current F1 involvement and expected expansion in 2021. This reported partnership could resolve Red Bull’s fashion brand identity and finance the Faenza team simultaneously.

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Red Bull’s smaller F1 team anticipates significant changes in both business and structure. The aero department will move to Milton Keynes, enhancing synergy with the larger team. Faenza Center will continue for production and servicing, discounting rumors of a complete UK move. The new management fosters closer collaboration and plans to purchase more components from the bigger team.

Also read: Helmut Marko reveals the timeframe for Ferrari’s Laurent Mekies joining AlphaTauri as the new team boss

Daniel Grieder is the driving force behind Hugo Boss’ success in F1

d grieder (1) — Daniel Grieder (Credits: optionstheedge.com)

The Swiss businessman Daniel Grieder, previously heading Tommy Hilfiger, left his mark on other fashion giants too. He led the brand’s return to F1 last summer, citing reasons like the Netflix series’ influence, F1’s rising popularity, new rules, and sustainability steps when announcing the Aston Martin contract. Grieder’s leadership brought significant changes to the brand’s involvement in motorsport.

When Grieder assumed control of Hugo Boss in 2021, he aimed to achieve $4 billion in sales by 2025, despite a significant decline in sales due to the pandemic. He boosted the marketing budget to reach this goal, and it seems to be working, as targeted traffic will likely be achieved this year. In an interview, he hinted at acquiring other brands for development, which appears to be happening now. Hugo Boss is suspected of taking over AlphaTauri, including the title sponsor status of the F1 team

? | Hugo Boss, the iconic clothing brand is primed to replace AlphaTauri from the 2024 season and sponsor the F1 team, according to RacingNews365.

Negtionations are ongoing between Red Bull and the world famous brand. The attention of Hugo Boss in an F1 programme has been… pic.twitter.com/ywqt2u3vQi
— Fastest Pitstop (@FastestPitStop) August 2, 2023

While Hugo Boss remains the top contender, Orlen is also showing interest in becoming the main and title sponsor of AlphaTauri. Red Bull is currently discussing with the oil company, which holds a partial ownership stake from Saudi Arabia’s Aramco.