Story perspectives

Mbappé Ends Nike Deal in On’s 10-Year Contract

By Drooid · Sep 19, 2026, 2:07 AM UTC · How we work

Summary

Mbappé Joins On

Kylian Mbappé signed a reported 10-year contract with Swiss brand On, ending his Nike partnership.
The deal grants Mbappé an equity stake and appoints him as On’s global ambassador to co-develop boots.
Former French striker Thierry Henry was named Director of Football to lead On’s boot project.
On aims to release competition-ready football boots in 2027, built with LightSpray technology.

Summary

On Challenges Nike

On’s high-profile signings are a costly gamble to challenge Nike and Adidas dominance in football.
The equity-stake structure mirrors Roger Federer’s 2019 investment, giving Kylian Mbappé a direct financial interest in On’s performance.
Jefferies warns that without performance credibility, premium On football boots may struggle to gain consumer traction.
Nike’s shares have fallen about 50% over the past year, leading to its removal from the S&P 100.

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Mbappé Joins On

Kylian Mbappé signed a reported 10-year contract with Swiss brand On, ending his Nike partnership.
The deal grants Mbappé an equity stake and appoints him as On’s global ambassador to co-develop boots.
Former French striker Thierry Henry was named Director of Football to lead On’s boot project.
On aims to release competition-ready football boots in 2027, built with LightSpray technology.

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