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Global luxury lifestyle brand Lexus is the new Melbourne Cup Principal Partner.

The new five-year sponsorship agreement with the Victoria Racing Club includes the naming rights to the Melbourne Cup, Melbourne Cup Day, the Melbourne Cup Tour, the Melbourne Cup Parade and the Melbourne Cup Barrier Draw.

It will see the coveted Lexus Design Pavilion take up front-row positioning as the headline marquee in Flemington’s exclusive Birdcage Enclosure.

This alignment builds on Lexus’ successful 14-year partnership with the VRC, which has seen the brand create exhilarating entertainment, culinary and design experiences since 2003.

VRC chairman Amanda Elliott said the club is delighted to welcome Lexus as the new Principal Partner.

“As the custodian of Australia’s greatest sporting and cultural icon, we are incredibly pleased and thrilled to link the Melbourne Cup with a visionary luxury brand like Lexus. Sharing this extraordinary event with Lexus is something we are really looking forward to,” she said.

“Lexus is only the fourth sponsor of the Melbourne Cup in its almost 158-year history. Over the past century and a half, the VRC has demonstrated the ability to not only foster enduring relationships, but also to deliver great commercial outcomes for our partners.”

Lexus’ newly appointed Chief Executive Scott Thompson said the brand is thrilled to build its association with one of the world’s greatest sporting events.

“The $6.25 million Lexus Melbourne Cup is a truly spectacular event and the focal point of the Melbourne Cup Carnival. Lexus is honoured to be announced as the naming rights partner – the VRC perfectly aligns with our values of exhilarating experiences, innovation and sophistication,” Thompson said.

“Together with the VRC, Lexus will continue to push the boundaries to pioneer exciting touchpoints and events for patrons on and off course. We look forward to driving the Melbourne Cup Carnival to even greater heights.

Last year's Melbourne Cup Carnival was one of the most successful ever.

There were strong ticket sales, large broadcast deals with more global partners, and greater digital interaction with fans. The attraction of Flemington to sponsors continues to grow and there has been new focus on customer experience with the introduction of new precincts.

This year will see the opening of the outstanding new $128 million Club Stand, underlining Flemington’s future as a world-class entertainment and sporting venue.

Last year’s Melbourne Cup Carnival generated a record $444.5 million in gross economic benefit to Victoria.

Lexus launched its first vehicle, the LS 400, in 1989. From the beginning of 2018 Lexus Australia has been headquartered in Melbourne.

Lexus Australia delivered a record 9027 sales in 2016 and a near-record total of 8800 passenger cars and SUVs in 2017.

Lexus invests and supports emerging talent through programs such as the Lexus Design Award and the Lexus Australia Short Film Fellowship. It also showcases its commitment to design via initiatives such as the Lexus Design Pavilion at the Melbourne Cup and Milan Design Week.