Long-time Formula 1 sponsor and fashion giant Hugo Boss have announced that they will be leaving the sport in favor of Fomula E.
The current Mercedes sponsor announced their decision to leave Formula 1 after over 30 years involvement with the sport, including sponsoring McLaren during their winning years.
The decision comes after high profile manufacturers such as Porsche and Mercedes have announced their intent to join the ever-growing electric racing series.
Hugo Boss Chief executive Mark Langer told the German magazine Focus,
“Of course Formula 1 is the top class of motor racing, but Formula E is more innovative and sustainable.”
Langer also made clear that this decision was not part of a cost cutting initiative.
With Formula E’s ever increasing profile and several prestigious sponsors and manufactures announcing their future involvement, it is likely we could see more big names leaving Formula 1 in favor of its electric sister-series.