LONDON (Reuters) – French luxury brand Chanel will sponsor Britain’s historic Oxford and Cambridge Boat Race next year in the first sporting sponsorship for the company known for its tailored suits and quilted purses.

Luxury fashion companies are increasingly moving into the sports sponsorship space in a bid to attract new audiences. LVMH sponsored the Paris Olympics and earlier this month the luxury giant, owner of the Dior and Louis Vuitton brands, announced a 10-year deal with Formula One motor racing.

Britain’s Boat Race, rowed by crews of eight from Oxford and Cambridge universities along a four-mile stretch of the Thames, was first run in 1829 and is the oldest major sporting event in the country.

Chanel’s president of watches and jewellery Frédéric Grangié said the Boat Race “shares the same values of collective endeavour and the pursuit of excellence”.

The race, which attracts a television audience of more than 2 million, will be titled “The Chanel J12 Boat Race” after the company’s watch, as part of a long-term partnership between the label and race organisers. No financial details were provided.

The Boat Race Company said it believed Chanel’s sponsorship would help it reach a new audience. Last year the race was sponsored by Gemini, a cryptocurrency platform.

(Reporting by Sarah Young and Mimosa Spencer; Editing by Sharon Singleton)