PARIS — Kylian Mbappé has ended his nearly two-decade relationship with Nike and signed with Swiss sportswear company On, becoming the global face of the brand’s first major push into the world’s most popular sport.
The agreement gives On a marquee athlete as it prepares to launch football boots in 2027 and expand into apparel. The deal includes both cash and equity, giving the Real Madrid and France forward a financial stake in the company, though the value and length of the agreement were not disclosed.
Mbappé, 27, had been associated with Nike since 2006, when he was 9 years old. He became one of the company’s most prominent football ambassadors, wearing Nike Mercurial boots and appearing in global marketing campaigns as he rose from a teenage prospect to a World Cup winner, Real Madrid star and France captain.
The switch is a significant commercial victory for On, the Swiss brand best known for premium running shoes and for its partnership with tennis great Roger Federer. It is also another high-profile loss for Nike as the U.S. sportswear giant tries to restore brand momentum, strengthen product innovation and defend its position in global football.
“Once again it has led me to one of the biggest changes in my life,” Mbappé wrote in announcing the move. “Now, I find myself surrounded by innovators who dream of the same things I do.”
The deal represents more than an athlete endorsement. On is using Mbappé as the centerpiece of a strategic move into football, a market dominated by Nike, Adidas and Puma. The company says he will work directly with its product teams to develop and test future footwear and apparel, making him both a global ambassador and a commercial partner in the brand’s expansion.
The end of a Nike relationship that began in childhood
Mbappé’s association with Nike began before he became a professional player.
He joined the company in 2006 as a child, and Nike remained with him through his rise at AS Monaco, his record-setting transfer to Paris Saint-Germain, France’s 2018 World Cup triumph and his move to Real Madrid.
Over that period, Mbappé became one of the defining football athletes of his generation.
He is France’s captain, a World Cup winner and the all-time leading scorer for Paris Saint-Germain, the French national team and the FIFA World Cup, according to CNBC.
Nike leaned heavily on Mbappé as part of its football marketing strategy, particularly as Cristiano Ronaldo, another of the brand’s central ambassadors, moved into the latter stage of his career. Mbappé received signature editions of Nike’s Mercurial boots and was a centerpiece of the company’s recent World Cup campaigns.
The partnership’s end was not presented as a public dispute.
Nike said it was proud of what it had achieved with Mbappé “on and off the pitch” and wished him continued success.
But CNBC reported, citing a person familiar with the matter, that Nike chose not to renew Mbappé’s contract when it expired in July. The person said Nike believed it had benefited from the prime years of his career and decided to shift endorsement spending elsewhere.
That account adds a business dimension to the move. Nike did not simply lose a bidding war for a star athlete; according to the source, it made a strategic decision not to extend the relationship.
Nike has not publicly detailed its internal reasoning.
On’s biggest move into football
For On, signing Mbappé is an extraordinary step.
Founded in 2010, On built its reputation in running footwear with a design-focused identity, premium pricing and a distinctive cushioning system. The company expanded into tennis after Federer became an investor and creative partner in 2019.
Football is a much larger and more complex challenge.
The category is crowded with brands that have decades of experience in player sponsorships, club kits, national-team deals, retail distribution and boot technology. Nike, Adidas and Puma have deep ties to the world’s biggest clubs, leagues and federations.
On is entering that market without an established football heritage. Mbappé gives it immediate visibility, credibility and access to an audience that spans Europe, Africa, Asia, the Middle East and the Americas.
The company has also appointed former France, Arsenal and Barcelona striker Thierry Henry as its director of football. Henry has reportedly worked behind the scenes on the project since late 2025.
The arrangement brings together two of France’s most recognizable football figures: Henry, a World Cup winner and one of the game’s most respected former forwards, and Mbappé, the current captain of the French national team.
On says it will launch its first football boots in 2027. Mbappé will contribute his elite-level perspective to the development and testing of footwear and apparel.
“Football doesn’t need another sportswear brand to do more of the same,” David Allemann, On’s founder and co-CEO, said. “Football needs new ideas and a challenge to what is possible.”
That ambition will now be tested against a demanding reality. Elite footballers are highly particular about fit, weight, traction, touch, protection and comfort. A new brand can sign a superstar, but it still needs to make a product that players trust in high-stakes competition.
Cash and equity change the relationship
The deal’s structure is notable.
On confirmed that the agreement includes cash and equity components. That means Mbappé is not simply being paid to wear the brand; he also has a financial interest in On’s long-term success.
The precise size of the equity stake and the overall value of the agreement were not disclosed.
Equity deals have become more common in athlete partnerships, particularly when a company seeks to turn a major athlete into a genuine business collaborator rather than a traditional spokesperson. The arrangement can align incentives: the athlete benefits if the company’s value rises, while the company gains an ambassador motivated to help build the category.
For Mbappé, the move offers something Nike could not easily provide: the chance to shape an entirely new football business.
“From the beginning, what drew me to On was the opportunity to build something entirely new together that will help shape tomorrow’s game,” Mbappé said. “I want to bring my experience and perspective into what we create, push what’s possible through innovation, and always stay true to the joy of football.”
That language suggests the relationship may extend beyond boots and shirt campaigns. Mbappé could have influence over product development, branding, design direction and the cultural position On seeks to build in football.
The commercial significance is substantial. A football boot is not merely equipment. It is a global fashion, performance and identity product. Mbappé’s endorsement can help On reach young players, professional athletes, fans and consumers who buy football-inspired apparel even if they never play competitively.
A tougher moment for Nike
Mbappé’s departure arrives during a difficult period for Nike.
The company is working through a broader turnaround under Chief Executive Elliott Hill, who has focused on restoring product innovation, rebuilding relationships with key sports categories and strengthening brand loyalty.
Nike’s shares have faced investor pressure, while its sales have been affected by weaker demand in some markets, particularly China, and tougher competition from Adidas, On, Hoka, New Balance and others. CNBC reported that Nike stock was down about 30% year to date and had fallen roughly 50% over the previous year.
The company’s football business remains large and influential. Nike continues to sponsor major players, including Erling Haaland, Vinícius Júnior, Alexia Putellas and Sam Kerr. It has also secured an extension of its French national-team kit-supply agreement through the 2033-34 cycle.
But Mbappé’s departure is symbolically important.
Nike had relied on him as a bridge from Ronaldo’s era to the next generation of global football icons. He is at the center of one of the world’s most marketable clubs, Real Madrid, and leads France, one of international football’s strongest teams.
The loss also follows another recent shift in football sponsorship: Spain star Lamine Yamal moved from Nike to Adidas.
Taken together, these moves show that newer brands and Nike’s traditional rival Adidas are competing aggressively for younger, globally recognizable athletes.
Mari Shor, a senior equities analyst at Columbia Threadneedle, told Reuters that Nike shareholders were unlikely to see Mbappé’s switch as the company’s biggest immediate problem. Investors are more focused on product innovation and revenue growth.
That is true in financial terms. One athlete deal will not determine Nike’s turnaround.
But in brand terms, losing Mbappé to a new football entrant creates a difficult visual: one of the sport’s most important players is choosing to help build a challenger rather than remain with the established market leader.
Why football is such a valuable market
Football offers a different scale from many other sports categories.
The game has a global audience, massive youth participation, deep club loyalty and an annual calendar of leagues, international tournaments and commercial events. Boot sponsorships can influence not only elite players but millions of young consumers who identify with the stars they watch.
That makes the market attractive, and expensive.
Jefferies analysts warned that football is one of the most costly sports categories to enter and that “performance credibility cannot simply be bought.” They drew a comparison to Under Armour’s earlier partnership with basketball star Stephen Curry, suggesting that a top athlete does not automatically make a brand dominant in a sport.
On will need to prove that it can do more than sign Mbappé.
It must develop boots that perform under elite conditions, create a credible roster of professional players, build retail and distribution channels, persuade consumers to try unfamiliar football products and compete for club, federation and media visibility.
The company’s approach may be more focused than that of established rivals. Rather than immediately pursue dozens of athletes or team-supply contracts, it can use Mbappé and Henry to establish a high-end identity around innovation, design and product collaboration.
Its existing Lightspray technology, which uses robotic manufacturing processes in footwear, is likely to be part of the company’s broader innovation story.
Whether that technology translates effectively to football boots remains to be seen.
A new era for athlete sponsorships
Mbappé’s move also reflects a broader change in athlete partnerships.
Traditional endorsement contracts often involve an athlete wearing a company’s products, appearing in advertisements and receiving payment. Newer agreements increasingly include equity, creative input, product-development roles and long-term brand-building responsibilities.
This structure can be especially attractive to athletes at Mbappé’s level.
He does not need a standard endorsement merely to gain visibility. He already has a global profile. The value lies in ownership, influence and the chance to build something with a company at an earlier stage of expansion.
For On, equity is a way to compete with larger rivals that may have bigger cash budgets and longer histories in football. It can offer an athlete a more meaningful stake in the upside.
| Element | Traditional endorsement | Mbappé’s On partnership |
|---|---|---|
| Payment | Primarily cash compensation | Cash plus equity |
| Athlete role | Wears product and appears in marketing | Global ambassador and product-development partner |
| Brand position | Established category leader | New entrant into football |
| Product influence | Often limited | Direct work with teams on future footwear and apparel |
| Strategic aim | Maintain market presence | Build an entirely new football business |
| Launch timeline | Existing product line | First On football boots planned for 2027 |
The exact economics of Mbappé’s deal remain private. But the model is clear: the athlete is being positioned as a partner in a new category rather than simply the face of a campaign.
The France kit complication
Mbappé’s personal sponsorship change does not mean Nike disappears from every aspect of his football life.
Nike remains the French national team’s official kit supplier through the 2033-34 cycle. As France captain, Mbappé will continue wearing Nike-branded national-team apparel in official international matches.
That creates a familiar tension in modern sports marketing. A player’s personal boot and apparel sponsor can differ from the manufacturer of his club or national-team kit.
The practical details of how On branding will appear during international competitions have not been fully explained. In football, personal boot deals and team-kit deals often coexist, but branding rules, product visibility and contract terms can be complicated.
For fans, the most visible change is likely to come once On’s football boots debut and Mbappé begins wearing them in club competition.
What comes next
On’s next task is to convert announcement-day attention into a credible football launch.
The company has time. Its first boots are not expected until 2027, giving product teams, Mbappé and Henry an opportunity to test designs and develop the brand’s strategy.
Key questions include:
- What will On’s first football boot look like?
- Will Mbappé receive a signature model?
- Which other players will sign with the brand?
- Will On pursue club-kit or national-team deals?
- How will it price football products?
- Can it build distribution in football’s biggest markets?
- Will the brand’s innovation story translate from running and tennis to the pitch?
For Nike, the focus will be different: prove that it can refresh its football roster, improve product innovation and maintain relevance with the next generation of fans and athletes.
Mbappé’s switch does not end Nike’s influence in football. Nike remains a giant of the sport.
But it gives On the kind of launch moment that most new entrants can only dream of: one of the game’s most famous players, in his prime, betting part of his commercial future on the idea that a Swiss running-shoe company can become a serious football brand.
That is why the deal matters beyond one athlete and one sponsorship. It is a test of whether a rising challenger can use elite talent, equity ownership and product innovation to break into one of global sportswear’s most protected markets.
