Mbappe leaves Nike for On as Swiss sportswear maker enters soccer

• Mbappe's partnership with Nike began in 2006 when he was 9 years old; his departure follows Nike's recent loss of Spain's Lamine Yamal to Adidas and its Premier League match ball contract to Puma
• On is expanding beyond running and tennis into soccer, hiring former France star Thierry Henry as director of football and targeting boot launches in 2027
• Nike CEO Elliott Hill is refocusing strategy on key sports like soccer and running, but losing Mbappe undercuts turnaround efforts as the Real Madrid forward was central to Nike's 2026 FIFA World Cup marketing

Summary

French soccer star Kylian Mbappe has ended his 20-year partnership with Nike to join Swiss sportswear brand On, marking a significant coup for the Roger Federer-backed company and another high-profile athlete loss for Nike.

Key Details:

• The deal includes both cash and equity components, though financial terms were not disclosed
• Mbappe's relationship with Nike began in 2006 when he was 9 years old
• On plans to launch its first soccer boots in 2027 and has appointed former France star Thierry Henry as director of football

Market Implications:

This defection adds pressure on Nike, which is nearly two years into CEO Elliott Hill's turnaround strategy focused on key sports like soccer and running. Nike recently lost other prominent athletes, including Spain's World Cup winner Lamine Yamal to Adidas and its Premier League match ball supplier status to Puma. However, Nike has secured the German national team contract from 2027 and extended France's kit-supply agreement through 2033-34.

For On, the move signals aggressive expansion beyond its core running and tennis segments into soccer. The Swiss company generates over half its revenue from the Americas but has faced headwinds from challenging economic conditions this year.

Strategic Context:

Nike had increasingly relied on Mbappe as a leading global ambassador, particularly as Cristiano Ronaldo approaches career twilight. The Real Madrid forward and 2018 World Cup winner was central to Nike's recent FIFA World Cup marketing campaigns. Analysts suggest investors remain focused on Nike's product innovation rather than individual endorsement deals for driving revenue growth.