Kylian Mbappé ended his nearly 20-year Nike partnership and signed with On on Sept. 18 as a global ambassador, with plans to help design footwear and apparel. On entered football this year and plans to launch its first products in the category in 2027.
Financial terms were not disclosed. The Athletic reported that the agreement includes cash and an equity component. On also named football commentator Thierry Henry its director of football, formalizing a connection that had been in the works since late 2025.
Evercore ISI analyst Michael Binetti called the move a direct challenge to Nike and Adidas, which he described as having a near-monopoly in football, and said the investment could be a near-term catalyst for On shares. The article cautions that gaining market share in the capital-intensive business may take years, given rivals’ established ties with clubs, leagues and federations.
