Shares of On received an early jolt Friday morning after the brand revealed that it has locked in superstar Kylian Mbappé as the face of its bold pivot into soccer, with the Real Madrid player leaving Nike after 20 years.
The news sent On’s stock up just over 5 percent in premarket trading in a move that came as a shock but showed that the Swiss sportswear maker is serious about adding to his stable of high-caliber athletes.
Signing Mbappé could easily be seen as a coup for On, who pulls away a key piece of what was thought to be a significant asset to Nike’s soccer roadmap in grabbing arguably a top three player in the sport. But it also puts major soccer stakeholders, namely Adidas and Puma, on instant notice that the space in the room has gotten a bit tighter than it was yesterday — and On plans on sticking around.
“From the beginning, what drew me to On was the opportunity to build something entirely new together that will help shape tomorrow’s game,” Mbappé said. “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.”
And while bringing Mbappé on board is an instant windfall for On, the brand’s stock is still down 41 percent for the year and closed at $27.26 on Friday. This year, the stock peaked at $50.63 on January 8 and by mid-August saw a 22 percent tumble amid a mix of factors — internal and market specific — like slower than expected growth in its crucial American market, which also includes Latin America.
The company reported 17 percent growth in the region in the first quarter of 2026 and that progress cooled by the second quarter at 13 percent while missing analyst earnings expectations.
Still, Mbappé’s arrival signals On’s willingness to not only double down on its footwear technology but to also lean on its growing roster of athlete partnerships, even if at the expense of larger rivals.
On rocked the tennis world in 2018 after Roger Federer ended his 24-year connection with Nike in favor of the upstart brand, which he later took a 3 percent stake. Mbappé will have plenty of help fast tracking the company’s inroads on the pitch, with soccer legend Thierry Henry moving into the Director of Football role after mostly staying behind the scenes and guiding product strategy since 2025.
FC Barcelona player Sydney Schertenleib will also boost her existing ambassador role as the company developing products specifically for the women’s game.
“Football doesn’t need another sportswear brand to do more of the same,” David Allemann, founder and co-CEO of On said. “Football needs new ideas and a challenge to what is possible. When we enter a sport, we want to be the brand of the future – through true innovation and contemporary design. Our ambition is to bring On’s approach to the pitch, the pavement, and the runway – connecting elite performance with the culture that surrounds the game. With Kylian we have the perfect partner to dream what football can become.”
Mbappé will join an athlete stable at On that is mostly runner-heavy, with Hellen Obiri, Yared Nuguse, George Beamish, Ditaji Kambundji and Mohamed Attaoui but includes big tennis names like Iga Świątek and Ben Shelton. Movie star Zendaya and musician FKA twigs also have prominent sponsorship deals with the brand.
Nike and Adidas still command a massive share of the soccer market and flexed their presence during the World Cup this past summer, with both brands accounting for more than 80 percent of the boots worn by players during the tournament while Puma had 10 percent.
And while the exact reason for Mbappé’s split is not fully known, sources familiar with the matter told CNBC that the company chose not to renew its deal, which expired in July, and would concentrate its soccer endorsements elsewhere.
“Over nearly two decades, we’ve shared moments that shaped the game and he has been an important part of Nike Football,” the company said. “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.”
