Sports brand On signs Kylian Mbappé in blow to Nike

Swiss sportswear company On has secured a major endorsement by signing France football star Kylian Mbappe, who is leaving Nike to lead their new football product range. The 27-year-old, who once earned £13 million annually with Nike, will join forces with Thierry Henry, a former Arsenal, Barcelona, and France player, to develop On's upcoming football line.

Mbappe, who shares the same goals as Henry, expressed his enthusiasm for creating something innovative and true to the joy of football. He will collaborate with his compatriot on product development and testing. On, which launched in 2010, has emphasized high-tech engineering in its shoe creation process. Founder and CEO David Allemann believes football requires fresh ideas and challenges the status quo, and he sees Mbappe as the ideal partner to push the boundaries of the sport.

The move marks another setback for Nike, which has been grappling with declining sales, waning cultural relevance, and increased competition, causing its market value to plummet from £200 billion to £40 billion.