Mbappé leaves Nike for On in 10-year deal

Kylian Mbappé has ended a 20-year relationship with Nike ↘ 2.45% to become the face of Swiss sportswear brand On Holding's ↘ 0.48% entry into football, the company announced Friday. The deal, reported by Footy Headlines to be a 10-year agreement that includes an equity stake in On, pairs one of the sport's biggest names with a brand that has never sold a football boot.reuters+1

The Athletic reported that former France and Arsenal striker Thierry Henry, who has been quietly working as On's Director of Football since late 2025, was instrumental in persuading the 27-year-old Real Madrid forward to join after his Nike contract expired this summer. On plans to launch its first football boots, built around its LightSpray technology, in 2027.footyheadlines+3

A New Challenger in Football's Boot Market

On shares climbed roughly 5 to 6 percent in premarket trading on the news, while Nike slipped. The move comes as Nike navigates what its own executives have described as "top-line headwinds," with fiscal first-quarter 2027 revenue down 1.1 percent. Mbappé's departure follows that of Lamine Yamal, who also left Nike to sign with Adidas.espn+2

"Football doesn't need another sportswear brand to do more of the same. Football needs new ideas and a challenge to what is possible," On co-founder David Allemann said in a statement. Mbappé will work directly with On's product teams in Zurich on developing footwear and apparel, and will serve as a global ambassador beyond the pitch.si+2

Building Around Stars

On's playbook echoes the strategy that brought tennis legend Roger Federer into the company as a co-owner in 2019, a partnership that helped propel it from a niche running brand to a publicly traded sportswear company with net sales of roughly 2.73 billion Swiss francs in 2025. The company, founded in Zurich in 2010, went public in 2021, raising $746 million.nytimes

Mbappé, already the World Cup's all-time leading goalscorer at 27, framed the decision in personal terms. "From the beginning, what drew me to On was the opportunity to build something entirely new together that will help shape tomorrow's game," he said in On's press release. The announcement was timed ahead of On's Investor Day on September 22 and the upcoming Real Madrid–Atlético Madrid derby, where Mbappé is expected to draw attention to the new partnership.sportsverse.substack+2