LVMH’s Olympic medals are getting rusty

It’s been less than 200 days since the Paris Olympics ended, and its medals – designed by Chaumet, a subsidiary of LVMH, the French luxury conglomerate behind brands like Hennessy and Louis Vuitton – are already resembling the undercarriage of an abandoned Oldsmobile.

In recent weeks, Olympic medalists have posted pictures on social media showcasing their deterioration. More than 100 athletes already requested replacements, according to the NY Times. The International Olympic Committee apologized and promised to honor the replacement requests.

Passing the buck

LVMH, the highest-profile sponsor of the Paris Olympics ($163 million), declined to comment, claiming Chaumet just designed the medals.

Monnaie de Paris, the centuries-old French mint that produced the medals, blamed the problem on a technical issue related to defective varnish it used to prevent oxidation; the varnish’s formula was weakened after being changed to conform to recent EU regulations banning the use of chromium trioxide, a toxic chemical used to stop metal from rusting, according to La Lettre, a French industry newspaper.

📈 The news isn’t hurting LVMH. The purveyor of high fashion this week overtook Danish pharma giant Novo Nordisk to reclaim its spot as Europe’s largest company.