Kylian Mbappé leaves Nike to become face of On’s football boots expansion
The French football star signed a 10-year deal with equity in the Swiss sportswear company, ending a relationship with Nike that began when he was eight years old.
Kylian Mbappé just did something no footballer of his stature has done in a generation: he walked away from Nike.
On September 18, 2026, the French superstar announced he had signed a 10-year global ambassador deal with On, the Swiss sportswear company best known for its running shoes. The agreement includes both cash compensation and an equity stake in the company, making Mbappé not just a pitchman but a part-owner. On’s US-listed shares jumped roughly 5% in premarket trading on the news.
Two decades with the Swoosh, done
Mbappé’s Nike partnership started in 2006, when he was around eight years old. For his entire professional career, he wore Nike Mercurial boots. The contract expired after the 2026 World Cup, and Mbappé chose not to renew. For Nike, losing arguably the most marketable footballer on the planet comes at an uncomfortable time. The company has been battling sales declines and intensifying pressure from Adidas and a wave of upstart competitors.
On’s football playbook
Founded in Zurich in 2010, On built its reputation on running footwear. Its patented CloudTec cushioning technology became a cult favorite among distance runners and athleisure shoppers alike. More recently, the company developed LightSpray, a manufacturing process that could reshape how performance shoes are constructed.
On’s plan is to launch its first line of football boots commercially in 2027. Mbappé will be central to product development and testing, not just the marketing campaigns. The structure mirrors what On did with tennis legend Roger Federer, who became an investor and ambassador for the brand in 2019.
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To add further credibility, On appointed former French international Thierry Henry as Director of Football. Henry has reportedly been in the role since late 2025.
Why Nike should be nervous
The equity component of the Mbappé deal is particularly notable. When an athlete takes ownership rather than just a paycheck, the incentive structure changes completely. It also raises the stakes for On. Equity deals tie the athlete’s public image to the company’s share price and vice versa.
The 5% premarket share jump suggests investors see more upside than risk. Football is a global sport with a commercial footprint that dwarfs most other athletic categories, and On currently has zero market share in it.
What to watch next
The first real test will be the boot itself. On has to produce something that professional footballers actually want to wear in competitive matches. CloudTec works beautifully for absorbing impact on pavement, but the demands of a football boot are different: traction on wet grass, ball control, lateral stability, weight. LightSpray technology could offer a genuine edge in construction.
The Federer comparison is instructive but imperfect. Federer joined On near the twilight of his playing career, lending gravitas to a running brand that already had strong product-market fit. Mbappé is joining at his athletic peak, lending star power to a football brand that has no product on the market yet.