Mbappé joins On, leaves Nike

What's happened

Kylian Mbappé has left Nike after nearly 20 years and has signed with Swiss brand On, which has hired Thierry Henry as director of football. On has given Mbappé equity and will involve him in designing football boots and apparel; the company plans retail football boots in 2027 and will feature Mbappé as a global ambassador.

What's behind the headline?

What this deal changes

• On will move from running and tennis into elite football by using Mbappé's profile and input on product design. That will force incumbents to respond on product credibility and marketing budgets.

Who benefits and who risks losing out

• On benefits by gaining instant credibility, global visibility and an equity-aligned superstar. Mbappé benefits by getting direct design input and an ownership stake. Nike loses a defining football ambassador at a moment when its sales and stock have been weak.

The harder test: performance credibility

• Football boots are a costly, technical category. On will have to prove performance on pitch, not just pay for talent. Analysts have warned that "performance credibility cannot simply be bought." On will have to deliver reliable prototypes, wide retail distribution and convincing athlete adoption to convert attention into lasting market share.

Likely next steps

• On will launch limited pro prototypes and put Mbappé on-field quickly to showcase the boots. Retail rollout in 2027 will determine whether On can translate marketing into sales. Nike will intensify product and roster efforts to stop defections and protect market share.

Forecast

• This will increase competition and marketing spend in football footwear. If On rapidly secures other top players and shows true product performance, it will disrupt the duopoly; if it fails on performance or distribution, this will remain a headline-grabbing branding win with limited retail impact.

How we got here

Mbappé has been with Nike since 2006 and has emerged as one of football's top stars. On, founded in 2010 and backed by Roger Federer, has built a running and tennis business and is now pivoting into football with product development, athlete equity and high-profile hires.

Our analysis

CNBC published a joint interview and quoted Mbappé saying, "It was the time to change," and that he needed to "feel at one with your shoes" (CNBC, 21 Sep 2026). CNBC and an earlier CNBC report on 18 Sep 2026 noted On's appointment of Thierry Henry as director of football and that Mbappé "will work directly with On's product teams". The New York Times reported that Mbappé has received equity and will act as a global ambassador, adding that On will sell "premium" boots in 2027 (New York Times Business, 18 Sep 2026). The Guardian and France 24 highlighted On's Lightspray prototype and the firm's plan to enter football retail next year, noting Roger Federer's investor role and On's pivot from running into football (The Guardian, 18 Sep 2026; France 24, 18 Sep 2026). Arab News and Al Jazeera ran the company statement announcing the move and quoted Mbappé's line: "We have a shared dream, and this is only the beginning" (Arab News, 18 Sep 2026; Al Jazeera, 18 Sep 2026). Business Insider and the New York Post placed the deal in a wider context of Nike's struggles; Business Insider emphasised On's financial firepower and Nike's retreat from the S&P 100, while the New York Post argued Nike's troubles run deeper (Business Insider UK, 21 Sep 2026; New York Post, 21 Sep 2026). Together the outlets show a consistent core narrative: Mbappé has left Nike for On, On is entering football with high-profile hires and product plans, and commentators split between viewing the move as strategic disruption versus a risky, expensive bet that must prove on-pitch performance.

Go deeper

• Will On sign other top footballers to prove product credibility?
• How will Nike respond to losing Mbappé in its football marketing?
• When will fans be able to buy Mbappé's On boots?

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