Mbappé leaves Nike after nearly two decades and takes equity stake in Swiss challenger On

Kylian Mbappé has ended his long-running relationship with Nike and signed a cash-and-equity deal with Swiss sportswear company On, becoming a shareholder in the brand as it launches a major expansion into football.

The Real Madrid and France forward had been associated with Nike since childhood.

His new agreement goes beyond a conventional sponsorship. Mbappé will receive an ownership stake in On and work with the company’s product teams on future football footwear and apparel.

On plans to launch its first mass-market football boots in 2027.

On makes its move into football

The Swiss company has built its business primarily around running and has subsequently expanded into sports including tennis.

It is now targeting football, where Nike, Adidas and Puma dominate the global market.

On has appointed former Arsenal and France striker Thierry Henry as its director of football as part of the expansion.

Mbappé gives the company one of the world’s most commercially prominent active footballers as the face of that push.

The deal follows a model On has previously used with Roger Federer, who became an investor in the company and worked with it on tennis products.

Mbappé will similarly combine his role as an athlete with an ownership interest in the business.

Another major name leaves Nike

The agreement is also another high-profile change in football’s sponsorship market.

Barcelona star Lamine Yamal has moved from Nike to Adidas, while Mbappé’s departure removes another major player from Nike’s roster.

For On, however, the significance extends beyond taking an athlete from a rival.

The company is entering a football-boot market in which it has little established presence and has recruited Mbappé as both a commercial ambassador and shareholder before its first mass-market boots reach consumers.

After nearly two decades wearing Nike, Mbappé now has a financial stake in the company attempting to challenge it.

Sources

• Reuters – Mbappé leaves Nike for On in cash-and-equity deal
• On – official football launch
• The Guardian – Mbappé becomes shareholder as On enters football