September 21 – Kylian Mbappé has signed a new endorsement deal with On after Nike opted not to renew with the French superstar.
The Swiss sportswear firm confirmed the deal on Friday. Mbappe is On’s first signing in football. Where he also announced the retired French great Thierry Henry as director of football. It’s a real coup for a brand even better known for running shoes.
The Nike split came as a bit of a surprise, but with Mbappé’s contract expiring in July, the American giant felt he had already had the best years of his career and decided to spend his money elsewhere. The 27-year-old will turn 31 at the 2030 World Cup.
The move comes as Nike, under Chief Executive Elliott Hill, struggles to rebuild loyalty and product innovation, with stock down about 50% in a year amid sluggish sales, particularly in China.
Mbappé, who joined Nike in 2006 as a child before becoming PSG and France’s all-time top scorer as well as becoming the top scorer at World Cups, said he was attracted by the chance to build something new. “I want to bring my experience and perspective to what we create, push what’s possible through innovation and always stay true to the joy of football,” he said.
On co-CEO David Allemann was upbeat. “Football doesn’t need another sportswear brand to do more of the same,” he said. “Football needs new ideas.”
Nike wished Mbappé well, proud of “almost two decades” together. But there is skepticism. Jefferies warned that football is one of the most expensive categories to enter and that “you can’t simply buy the credibility of performance,” drawing a parallel with Under Armor and the NBA’s Stephen Curry.
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