Kylian Mbappé Leaves Nike for Swiss Competitor On
The soccer star's move to the Roger Federer-backed brand signals On's aggressive expansion into football and adds pressure to Nike.
French soccer star Kylian Mbappé has ended a two-decade partnership with Nike to sign with the Swiss sportswear brand On, a move that signals the Roger Federer-backed company's significant ambitions in the football market and represents another high-profile departure for the US giant.
The financial details of the agreement were not disclosed, but On stated that the deal includes both cash and equity components. The partnership marks On's strategic push into football, a market where the company plans to release its first boots in 2027. To support this expansion, On has enlisted former France international Thierry Henry as its director of football.
This development intensifies the pressure on Nike, which has recently seen other prominent athletes join rival brands as newer companies gain traction in the global sportswear industry. Mbappé's decision concludes a relationship with Nike that began in 2006 when he was nine years old. The move follows Nike's recent loss of Lamine Yamal, a player from the World Cup-winning Spanish team, to Adidas.
"We are proud of what we achieved together on and off the pitch. As he moves into the next phase of his career, we wish him continued success for what comes next," Nike said in a statement. Despite Mbappé's departure, Nike has secured an extension for its kit-supply agreement with the French national team, which will continue until the 2033-34 season.
On's shares, traded in the US, saw a brief increase of up to 5% in premarket trading before stabilizing, while Nike's stock remained largely unchanged, suggesting a limited immediate impact on investors from the news.
On is actively seeking growth in the Americas, a region that currently accounts for over half of its revenue. The company has prioritized full-price sales but has faced challenges in the region this year due to fluctuating consumer spending.
Nike had increasingly relied on Mbappé as a key global ambassador for the sport, particularly as Cristiano Ronaldo enters the later stages of his career. As a centerpiece of Nike's football marketing during recent major tournaments, the 2018 World Cup winner most recently received signature editions of Nike's Mercurial boots.
"Once again it (football) has led me to one of the biggest changes in my life. Now, I find myself surrounded by innovators who dream of the same things I do," Mbappé stated on social media platforms.