Story perspectives

On signs Mbappé, names Thierry Henry director of football

By Drooid · Sep 18, 2026, 10:16 PM UTC · How we work

Summary

Story summary

On signs French star Kylian Mbappé, ending his two-decade partnership with Nike.
On appoints former France and Arsenal striker Thierry Henry as director of football.
The deal gives Mbappé an equity stake in On alongside a cash component.
On plans to launch its first football boots in 2027 using LightSpray technology.
On's U.S.-listed shares rose about 5% in pre-market trading after the announcement.

History

Historical Context

In 1984 Nike signed rookie Michael Jordan to a six-year, $2.5 million endorsement, a deal three times larger than any NBA contract then and the launch of the Air Jordan line that generated $126 million in its first year. The partnership proved that athlete equity could drive brand growth. On’s 2024 equity and cash deal with French star Kylian Mbappé follows that model, aiming to replicate Jordan’s market impact.

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Story summary

On signs French star Kylian Mbappé, ending his two-decade partnership with Nike.
On appoints former France and Arsenal striker Thierry Henry as director of football.
The deal gives Mbappé an equity stake in On alongside a cash component.
On plans to launch its first football boots in 2027 using LightSpray technology.
On's U.S.-listed shares rose about 5% in pre-market trading after the announcement.

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