Jan 30 (Reuters) - Louis Vuitton will be title sponsor of Formula One's season-opening Australian Grand Prix in Melbourne in March, the sport announced on Thursday.

The LVMH brand will have prominent trackside signage at the March 16 race, whose official title will be the Formula One Louis Vuitton Australian Grand Prix, with trophy trunks featuring on the podium.

French luxury giant LVMH has a 10-year sponsorship deal, announced last October, with Liberty Media ( LLYVB )-owned Formula One which covers the Louis Vuitton, Moet Hennessy and TAG Heuer brands.

Tag Heuer has replaced Rolex as Formula One's official timekeeper while Louis Vuitton has become an official partner of the sport.