Mbappé’s Move from Nike to On: A Strategic Shift in Sports Marketing

Kylian Mbappé’s departure from Nike for On has not gone unnoticed in the markets. After nearly 20 years with the American sportswear giant, the French football star is joining the Swiss brand under a ten-year partnership that notably includes equity compensation. The exact financial terms of the deal have not been made public.

Market Reaction

Upon the announcement of the partnership, Nike’s stock fell by 2.34%, closing at $35.51. This decline represented a loss of approximately $1.2 billion in market capitalization for the day. Conversely, On’s stock surged by more than 4% in the early trading hours before ending the session nearly flat.

However, this market reaction cannot be attributed solely to Mbappé’s departure. Nike is already engaged in a broad restructuring plan to address ongoing challenges. For On, the stakes go beyond simply signing a global star. Historically positioned in the running sector, the brand is now seeking to establish a foothold in football, a market currently dominated by Nike, Adidas, and Puma.

On’s Football Ambitions

On plans to launch its first football boots in 2027. Mbappé is expected to play a key role in product development, while Thierry Henry recently joined On as Director of Football. The Swiss brand, backed by notable figures such as Roger Federer, aims to gradually build a substantial business around football.

A Signal for Nike

Mbappé’s move comes at a particularly challenging time for Nike. The American group reported revenue of $46.4 billion for its fiscal year 2026, marked by a 6% decline in direct sales and a 12% drop in digital brand sales. After losing several prominent sports figures, Nike must now contend with competitors eager to reclaim market share.

For On, the strategy is the inverse: leveraging Mbappé’s global visibility to create a new commercial activity in football.

Strategic Implications

Beyond traditional sponsorship, this deal highlights how a sports star can now serve as a true strategic asset for a brand. The partnership offers On multiple benefits: increased visibility, involvement in product development, entry into a new market, and, in Mbappé’s case, equity participation. This shift underscores the evolving nature of athlete-brand relationships in the modern sports industry.