Kylian Mbappé, the prominent Real Madrid forward and reigning World Cup record goal scorer, has signed a deal with On Holding to be the face of the Swiss company's new soccer category. This move marks On Holding's expansion into soccer products, including footwear and apparel, with Mbappé directly collaborating with their product team on development and testing. He will also serve as a global ambassador for the brand.
This partnership signifies a major shift for Mbappé, who ends a two-decade-long sponsorship with Nike, a relationship that began when he was a child. Nike had heavily relied on Mbappé as a leading global ambassador, particularly after Cristiano Ronaldo's later career stages, and he was a centerpiece of their football marketing at the 2026 World Cup. Nike acknowledged the split, wishing him success in his next career phase.
On Holding's entry into the soccer market comes as the company faces slowing sales growth and increased competition in the sportswear sector. The company has maintained a premium pricing strategy and recently softened its sales outlook due to weaker retail sales. In conjunction with Mbappé's signing, On has also appointed former French player Thierry Henry as its director of football, who has been involved with the company's soccer strategy since late 2025. On plans to launch its first football boots in 2027.
Following the announcement, On Holding's shares climbed by 5% to 6%, reaching approximately $28.64, a positive turnaround for a stock that was down 38% year-to-date. Conversely, Nike's stock slipped by about 1% to $36, reflecting investor reaction to the premium challenger entering Nike's dominant sport. This strategic move aims to broaden On Holding's audience while maintaining its premium positioning, as evidenced by its Q2 2026 net sales of $1.05 billion and a gross margin of 65.4%.
On's co-CEO, David Allemann, emphasized the company's aim to bring new ideas and innovation to football, stating that the sport doesn't need "more of the same." Mbappé echoed this sentiment, expressing his desire to "build something entirely new together" and "push what's possible through innovation," driven by a shared dream with On.
