Kylian Mbappé Signs With On, Ending Long Nike Era in Football Shakeup

Mbappé Leaves Nike for Swiss Brand On

French football star Kylian Mbappé has signed a new sponsorship deal with Swiss sportswear brand On, concluding his roughly 20-year relationship with Nike. The company announced the agreement on Friday, naming Mbappé as a global ambassador who will work directly with On's product teams on footwear and apparel.

The move marks a significant entry for On into the competitive football apparel market, long dominated by Adidas and Nike.

A Defining Partnership for On

At just 27 years old, Mbappé is already the World Cup's all-time leading goal scorer. On said his elite perspective will be integral to developing and testing future football products, including the company's Lightspray technology, which uses robots to manufacture shoes.

The length of the deal was not disclosed. However, an On spokesperson told CNN that the financial agreement includes both cash and equity components.

On's Rapid Rise and Football Ambitions

Founded in 2010, On gained global recognition when Swiss tennis legend Roger Federer became an investor in 2019. Initially known for running and marathon shoes, the brand later expanded into training and tennis footwear. It currently represents Ben Shelton, a finalist at this year's US Open.

Signing Mbappé, who plays forward for Real Madrid, signals On's intent to further encroach on its larger competitors' territory.

Competitive Landscape: Adidas and Nike

During the recent World Cup, Adidas outfitted finalists Spain and Argentina, and also manufactured the tournament's balls. The German company recently reported record revenue, driven by football jersey sales during the month-long event.

Nike, meanwhile, has struggled. Its shares are hovering around a 12-year low as it deals with a series of problems that CEO Elliott Hill hasn't been able to fix, including customers shifting to trendier brands like On.

On's Broader Football Strategy

On is planning to shake up the football category. In a press release, the company said it is "bringing a new energy to the culture that surrounds it."

To achieve this, On also signed Thierry Henry, another French football legend, as its new director of Football. Additionally, the brand expanded its relationship with Sydney Schertenleib, a Swiss soccer player who plays for FC Barcelona's women's team.

Coinasity's Take

On's signing of Kylian Mbappé is a bold strike against Nike and Adidas, leveraging both cash and equity to secure one of football's biggest names. While the deal's financial terms remain undisclosed, the inclusion of equity aligns Mbappé's interests with On's long-term growth.

This move not only boosts On's credibility in football but also intensifies competition in the sportswear market, where Nike is already facing headwinds. As On continues to expand its roster and product innovation, its challenge to established giants will be one to watch.