John Lewis has become the latest partner of the London 2012 Olympic Games, signing a multi-million dollar sponsorship deal with the organising committee.

John Lewis will be a tier three partner of the event. As part of its partnership with LOCOG, John Lewis will help to furnish lounge and reception areas at Games-time venues, and provide warehouse space. In addition, the John Lewis shop on Oxford Street and the forthcoming shop adjacent to the Olympic Park at Stratford are set to become key retail outlets for Games-related merchandise. These shops will give back all net profit to London 2012 on Olympic merchandise sold.

"We are thrilled that John Lewis has chosen to join us on the journey to 2012," said London 2012 chairman Sebastian Coe. "They are a great British brand with a reputation for first class customer care and excellence. They supported us during the bid and so it is fantastic to have them on board as a sponsor. They bring a wealth of retail experience which will be invaluable to us as our merchandise programme ramps up and crucially, members of their staff will join our own to provide expertise and ensure those visiting our Games receive the warmest of welcomes in 2012."

Andy Street, managing director, John Lewis, added: "I am thrilled that John Lewis is the official department store provider to the Olympic Games and Paralympic Games. We backed the original bid and we are very proud to announce this partnership with London 2012.

"Sustainability and community are at the heart of our business and we are therefore delighted to be involved with the regeneration of east London through anchoring the Olympic development in Stratford with our latest full-line department store as well as helping to fund the most exciting sporting event for a generation."