Tag Heuer will replace Rolex as Formula One's official timekeeper this season as part of a new 10-year partnership with French luxury giant LVMH, the Liberty Media-owned sport announced on Monday.

Previously the F1 timekeeper from 1992 to 2003, the brand will have a significant presence at the season's 24 races with trackside branding and activations. High-end Swiss watchmaker Rolex had been a partner to Formula One since 2013. "I am delighted to welcome TAG Heuer as the official timekeeper of Formula One as they start the next stage of their long history in our sport," said F1 chief executive Stefano Domenicali in a statement. Tag Heuer was the first watch brand to sponsor a Formula One team, joining forces with Ferrari in 1971 before a 30-year partnership with McLaren from 1985-2015. The brand then sponsored Red Bull from 2016. LVMH's sponsorship deal with Formula One, announced last October and valued at slightly more than $100 million a year over a decade, also covers its Louis Vuitton and Moet Hennessy brands.