Reuters reported Kylian Mbappé signed a cash-and-equity deal with On after his 20-year Nike partnership ended. On gains its first major star ahead of a 2027 soccer-boot launch. A CNBC source said Nike did not renew his contract, which expired in July 2026.
The deal’s financial terms were not disclosed. Its equity component gives Mbappé a financial interest in building the brand, but analysts warned that soccer requires substantial spending and that a star signing alone cannot establish performance credibility. Nike, Adidas and Puma already dominate the category.
On’s Americas business accounts for more than half its revenue and has slowed amid uncertain consumer spending. The company recently missed second-quarter sales estimates, and its shares had fallen about 40% in 2026. Nike still supplies France’s national teams through the 2033–34 season and will become Germany’s national-team supplier in 2027.
