Mbappe leaves Nike, signs with On as it enters football

French soccer star Kylian Mbappé has parted ways with Nike and signed with Swiss sportswear brand On, marking a significant shift in the athlete's partnership landscape. This move comes as Nike, the American brand, faces increasing competition from newer rivals in the athletic footwear market. On, a company backed by Roger Federer, plans to launch its first football boots in 2027 and has appointed former French player Thierry Henry as its director of football.

Shares of On, listed on the US stock exchange, saw a 5% increase in premarket trading following Mbappé's announcement.

The relationship between Mbappé and Nike spanned two decades, dating back to 2006. The French national team captain had been a pivotal figure in Nike's football marketing strategy, especially during the recent FIFA World Cup, where he received signature editions of Nike's Mercurial boots. Nike expressed pride in their shared achievements and extended well wishes to Mbappé for his next chapter in football.

This transition marks a notable setback for Nike, which had recently lost Spain's Lamine Yamal to Adidas. On, meanwhile, has been focusing on full-price sales but has encountered challenges in the Americas, where the company accounts for over half of its revenue. The company's entry into football represents a strategic move to expand its growth prospects in a region crucial to its business.