French soccer star Kylian Mbappé has signed an endorsement deal with Swiss sportswear brand On after parting ways with Nike. The company also named retired French star Thierry Henry as its director of football, marking On’s formal entry into the global soccer market.
Swiss sportswear company On has officially entered the global football market by signing World Cup champion Kylian Mbappé to an endorsement deal. The partnership follows the expiration of Mbappé’s contract with Nike this past summer after a seven-year tenure.
The agreement beats out competitors such as Adidas and Under Armour for the Real Madrid star. Evercore ISI analyst Michael Binetti wrote in a note to clients that We expect a major investment in a large global category will be a positive near-term catalyst for the stock.
On stock rose slightly after the deal was announced, but shares remain down 40% year to date amid a challenging retail environment for sneaker stocks, while Nike’s stock fell 2% on Friday.
Thierry Henry Joins as Director of Football
Alongside the Mbappé signing, On announced that retired French soccer icon Thierry Henry has been named the company’s director of football. Henry has collaborated with the brand since 2025, helping shape its footprint as it ventures beyond running apparel.
Mbappé expressed enthusiasm for the new venture in a public statement, emphasizing a desire to help build products from the ground up rather than simply stepping into an existing corporate machine.
“I want to bring my experience and perspective into what we create, push what’s possible through innovation, and always stay true to the joy of football. We have a shared dream, and this is only the beginning,”
Kylian Mbappé
David Allemann, founder and co-CEO of On, echoed that sentiment when discussing the company’s philosophy for entering the sport.
“Football doesn’t need another sportswear brand to do more of the same,”
David Allemann, On Founder and Co-CEO
Allemann added that the sport requires fresh concepts and a direct challenge to what is possible.
A Direct Challenge to Nike and Adidas
Evercore ISI analyst Michael Binetti noted that The announcement is a direct challenge to Nike and Adidas (which have a near-monopoly in the category).
For Nike, the departure marks another transition. Mbappé originally signed with the swoosh in 2006 when he was still a child. According to a person familiar with the matter, Nike felt it had benefitted from the prime years of his career and decided to use its endorsement money elsewhere as the company seeks to rebuild brand loyalty and product innovation under CEO Elliott Hill. The company’s sluggish sales, particularly its struggles in China, have contributed to its stock falling about 50% in the past year.
“Over nearly two decades, we’ve shared moments that shaped the game and he has been an important part of Nike Football. We are proud of what we achieved together on and off the pitch. As he moves into the next phase of his career, we wish him continued success for what comes next.”
Nike, Corporate Statement
Financial Stakes and Market Reach
Financial analysts point out that entering soccer expands On’s addressable market significantly. Citi analyst Paul Lejuez noted that “We believe this announcement marks a milestone for ONON as it now expands its ~$105bn global running TAM (shoes and apparel) to now include the ~$30bn global football market, and gives ON an opportunity to expand its brand image outside of running and lifestyle. Lejuez also told clients it may be
a sign that NKE may be losing some of its attraction of major sport stars.”
Jefferies analysts cautioned that football is one of the most expensive categories to enter and that performance credibility cannot simply be bought,
drawing a parallel to Under Armour’s past partnership with Stephen Curry: a star athlete who failed to establish the brand as a dominant player in the sport. Jefferies analysts also argue that this partnership is an attempt to open another growth avenue as the running category in the US market slows.
On’s market capitalization stands at $9.13 billion, compared with Nike’s $53.94 billion, according to AlphaSpace data. Both companies have been under pressure this year, with Nike’s stock having fallen 43% matching the decline in On’s share price this year, while shares of another competitor in the space, Lululemon, have dropped over 50%. Despite the valuation gap, On continues to leverage high-profile athlete collaborations, including past partnerships with Roger Federer—who ended a 24-year partnership with Nike in 2018 and took a 3% stake in the company the following year—alongside recent collaborations with Zendaya that have helped attract a younger demographic, with a co-created line that launched in April 2026 selling out, where 60% of customers were women under 34 years old.
Mbappé, who is the all-time leading scorer for Paris Saint-Germain, the French national team and the FIFA World Cup, and won the tournament with France in 2018, will be 31 when the 2030 World Cup kicks off, setting the timeline for On’s multi-year investment in its new football division as the expansion was announced ahead of On’s Investor Day next week in Zurich, Switzerland.
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