On Holding's Kylian Mbappé bet 'a direct challenge to Nike and Adidas': Analyst
On Holding's (ONON) strategic move to partner with soccer superstar Kylian Mbappé, a former Nike client, represents a bold challenge to market leaders Nike and Adidas. The Swiss sportswear company inked the deal after Mbappé's contract with Nike expired, outpacing Adidas and Under Armour for the high-profile athlete. Though the exact deal size remains undisclosed, Evercore ISI analyst Michael Binetti views the partnership as a near-term catalyst for On Holding's stock.
The company also appointed soccer pundit Thierry Henry as its director of football. Despite a minor stock rally following the announcement, On Holding's shares have still declined by 40% year to date, amid a tough retail landscape for sneaker brands. This partnership marks a key step in On Holding's strategy to expand its global sports brand, aiming to compete with the near-monopoly held by Nike and Adidas.
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