Kylian Mbappé, the renowned French soccer star and Real Madrid forward, has concluded his two-decade sponsorship with Nike to join Swiss sportswear brand On Holding. This move marks a significant shift in the athletic footwear market, as On, a company co-owned by tennis legend Roger Federer, makes its strategic entry into football.
On Holding plans to launch its first football boots in 2027. Mbappé will play a pivotal role, working directly with On's product teams to develop and test new footwear and apparel for the sport, in addition to serving as a global ambassador. Thierry Henry, a former French player, has also been appointed as On's director of football, having been involved with the company's football strategy since late 2025.
This partnership comes as On seeks to boost growth, particularly in the Americas, which currently accounts for over half of its revenue. The company has faced slowing sales growth and increasing competition, experiencing its weakest retail sales since going public in 2021, leading to a softened sales outlook. Despite this, On has maintained its premium pricing strategy. Following the announcement, On Holding's U.S.-listed shares saw a premarket surge of 5%. Nike's stock, conversely, experienced a 1% decline.
Mbappé's departure is a notable loss for Nike, which had increasingly relied on him as a key global ambassador for football, especially after Cristiano Ronaldo's career progression. Nike had sponsored Mbappé since his childhood and recently featured him prominently in their World Cup marketing, providing him with signature Mercurial boots. This follows Nike's recent loss of Spanish World Cup winner Lamine Yamal to Adidas, highlighting a competitive shift in major athlete endorsements.
