Kylian Mbappé has ended his long-standing endorsement deal with Nike and signed with Swiss sportswear company On, marking On's first major entry into global soccer. Sources revealed that Nike opted not to renew Mbappé’s contract after it expired in July, believing they had maximized value from the soccer star during his prime years and decided to redirect their endorsement budget. This decision aligns with Nike’s broader efforts to restructure under CEO Elliott Hill amid notable sales declines and a roughly 30% drop in stock value so far in 2026.

Mbappé, currently 27 and widely recognized as one of the top players worldwide, will bring significant prestige to On, a brand that has traditionally focused on running. His move complements On’s recent strategy to diversify outside its core segment, reinforced by naming former French soccer legend Thierry Henry as director of football. Mbappé, who joined Nike in 2006 as a youth, expressed enthusiasm about collaborating with On to innovate within the sport and create something fresh.

Nike has faced challenges in recent months, including sluggish performance in key markets like China, and the loss of Mbappé represents a notable shift as the company works to regain brand momentum. Nike continues to sponsor other leading soccer talents such as Erling Haaland and Vinicius Junior but chose to pivot away from Mbappé in the context of its turnaround strategy. Nike acknowledged Mbappé’s contributions, wishing him success as he embarks on this new partnership.

Despite the excitement surrounding On’s signing, analysts caution about the difficulties of establishing credibility in football, one of the most expensive sports for endorsements. Jefferies compared On’s plans to past attempts by other brands that struggled despite celebrity backing, highlighting the complex challenge On faces in trying to disrupt the established landscape. Nevertheless, On’s leadership remains optimistic about bringing new ideas and perspectives to football apparel through this landmark deal.