Long-time Formula 1 sponsor Hugo Boss has revealed that it is ending its involvement in grand prix racing in favour of a switch to Formula E.
The German fashion brand has sponsored Mercedes since 2015, having previously been involved with McLaren for more than 30 years during the team's most successful spell in F1.
But with FE's profile growing, and manufacturers including Mercedes joining up in the near future, Hugo Boss is moving its sponsorship efforts.
Chief executive Mark Langer told German magazine Focus that he felt FE was a better platform for his company than F1.
"Of course Formula 1 is the top class of motor racing, but Formula E is more innovative and sustainable," Langer said.
"The engines, the races in major cities, that's something a younger audience likes, which offers new opportunities."
Langer was keen to point out that the decision had not been prompted because FE was a cheaper option than F1.
"After many years in Formula 1, ever since Jochen Mass in the 1970s, we have been thinking what is the next thing?" he said.