In a way, it is the national placeholder(because it was known as the Luxembourg Cycling project at first), but also it's the company that is managing the team's resources. Leopard is like the Luxembourg(ian?) version of Katusha with Itera, Gazprom, and other company managing Katusha's team, which still has "The Russian Global Cycling Project" underneath the "Katusha". Also this is Katusha's team jersey for this year, with the switch to Focus cycles.
