Mbappé’s move is more than a boot endorsement: it reportedly makes him an equity-aligned global ambassador and product collaborator for On’s entry into football. It gives On instant credibility in the world’s biggest sportswear category while depriving Nike of a marquee player during a difficult competitive period. 12

• What the agreement involves: After his Nike contract expired, Mbappé reportedly ended an association that began when he was a child and agreed to a 10-year arrangement with On that includes an equity stake. Public reporting has not disclosed the stake’s size or the deal’s financial terms. 12

• Operating role, not just advertising: Mbappé is expected to work with On’s Zurich-based product teams on testing and co-developing football footwear and apparel, while serving as the global face of the category on and off the pitch. His stated appeal is the chance to help create “new ideas” for the game, rather than merely wear a logo. 12

• Product roadmap: On plans its first elite football boots for 2027, incorporating its LightSpray manufacturing technology. That makes Mbappé central to both launch marketing and the credibility of a technically ambitious product that will need to compete with mature Nike, Adidas, Puma and New Balance boot franchises. 1

• Thierry Henry’s importance: Henry has been appointed On’s Director of Football and had reportedly worked on the company’s football strategy before the announcement. His relationship and football authority helped persuade Mbappé that On could be a serious long-term football platform, not simply a running brand entering the category. 12

• Why the timing matters: Announcing the deal shortly before On’s September 22 Investor Day gave investors a vivid signal that football is a major growth initiative, while the proximity to the Real Madrid–Atlético Madrid derby maximized sporting attention. The immediate share-price response—On up roughly 5–6% in premarket trading while Nike fell—was principally a market reaction to that strategic narrative, not proof that the venture will succeed. 2

• Implications for On: On is borrowing a proven playbook from its 2019 partnership with Roger Federer, who became both a commercial partner and shareholder. The strategy is to use an athlete with global cultural reach as a genuine product and ownership partner, helping transform a premium performance brand into a broader sportswear company. On’s official 2025 results actually put full-year net sales at CHF3.014 billion—above the CHF2.73 billion figure in the question—showing how far it has grown beyond its running niche. 3

• Implications for Nike: Losing Mbappé is symbolically significant rather than, by itself, financially decisive for Nike. It comes amid a challenging turnaround and follows other evidence that younger football stars and brands are more willing to shift allegiances; a reported Lamine Yamal move to Adidas reinforces that perception. Nike’s cited “1.1% fiscal-first-quarter 2027 revenue decline,” however, should be treated cautiously: as of September 19, Nike had scheduled its fiscal Q1 2027 results for October 1, so that number could not yet be an announced result. 2

• Implications for football sportswear: The deal raises the stakes in a market long dominated by Nike and Adidas. Mbappé—already the World Cup’s all-time leading scorer at 27—gives On immediate visibility among young consumers and football fans worldwide. But awareness is only the first hurdle: On must establish distribution, club and player adoption, durability, fit, traction, and a product range credible enough for elite football. 12

The key takeaway is that On is trying to turn a superstar partnership into a football business, not just a campaign. Its upside is a powerful new growth category; its risk is that celebrity and technology alone may not dislodge incumbents with decades of football product, retail, federation and team relationships.

Mbappé’s move is more than a boot endorsement: it reportedly makes him an equity-aligned global ambassador and product collaborator for On’s entry into football. It gives On instant credibility in the world’s biggest sportswear category while depriving Nike of a marquee player during a difficult competitive period. 12

• What the agreement involves: After his Nike contract expired, Mbappé reportedly ended an association that began when he was a child and agreed to a 10-year arrangement with On that includes an equity stake. Public reporting has not disclosed the stake’s size or the deal’s financial terms. 12

• Operating role, not just advertising: Mbappé is expected to work with On’s Zurich-based product teams on testing and co-developing football footwear and apparel, while serving as the global face of the category on and off the pitch. His stated appeal is the chance to help create “new ideas” for the game, rather than merely wear a logo. 12

• Product roadmap: On plans its first elite football boots for 2027, incorporating its LightSpray manufacturing technology. That makes Mbappé central to both launch marketing and the credibility of a technically ambitious product that will need to compete with mature Nike, Adidas, Puma and New Balance boot franchises. 1

• Thierry Henry’s importance: Henry has been appointed On’s Director of Football and had reportedly worked on the company’s football strategy before the announcement. His relationship and football authority helped persuade Mbappé that On could be a serious long-term football platform, not simply a running brand entering the category. 12

• Why the timing matters: Announcing the deal shortly before On’s September 22 Investor Day gave investors a vivid signal that football is a major growth initiative, while the proximity to the Real Madrid–Atlético Madrid derby maximized sporting attention. The immediate share-price response—On up roughly 5–6% in premarket trading while Nike fell—was principally a market reaction to that strategic narrative, not proof that the venture will succeed. 2

• Implications for On: On is borrowing a proven playbook from its 2019 partnership with Roger Federer, who became both a commercial partner and shareholder. The strategy is to use an athlete with global cultural reach as a genuine product and ownership partner, helping transform a premium performance brand into a broader sportswear company. On’s official 2025 results actually put full-year net sales at CHF3.014 billion—above the CHF2.73 billion figure in the question—showing how far it has grown beyond its running niche. 3

• Implications for Nike: Losing Mbappé is symbolically significant rather than, by itself, financially decisive for Nike. It comes amid a challenging turnaround and follows other evidence that younger football stars and brands are more willing to shift allegiances; a reported Lamine Yamal move to Adidas reinforces that perception. Nike’s cited “1.1% fiscal-first-quarter 2027 revenue decline,” however, should be treated cautiously: as of September 19, Nike had scheduled its fiscal Q1 2027 results for October 1, so that number could not yet be an announced result. 2

• Implications for football sportswear: The deal raises the stakes in a market long dominated by Nike and Adidas. Mbappé—already the World Cup’s all-time leading scorer at 27—gives On immediate visibility among young consumers and football fans worldwide. But awareness is only the first hurdle: On must establish distribution, club and player adoption, durability, fit, traction, and a product range credible enough for elite football. 12

The key takeaway is that On is trying to turn a superstar partnership into a football business, not just a campaign. Its upside is a powerful new growth category; its risk is that celebrity and technology alone may not dislodge incumbents with decades of football product, retail, federation and team relationships.