Mbappe leaves Nike after 20 years, takes equity stake in On
What's the deal? Kylian Mbappe has ended his sponsorship with Nike and acquired an ownership stake in Swiss sportswear company On, The Athletic reports. The Real MadridDealroom has a profile for this one. Try Dealroom → striker becomes the centrepiece of On's push into football footwear after being backed by Nike since age nine.
The terms: Mbappe received equity as part of the deal, though neither side disclosed financial terms. He passed over established football brands such as AdidasDealroom has a profile for this one. Try Dealroom → and Puma to join a company that plans to sell its first boots in 2027.
What's the endgame? On entered sportswear through running shoes, then tennis, and now wants a foothold in football. Founder and co-chief executive officer David Allemann told The Athletic that premium boots will reach stores in 2027, though Mbappe could wear the company's footwear on the pitch within weeks.
The connection: On hired former ArsenalDealroom has a profile for this one. Try Dealroom →, BarcelonaDealroom has a profile for this one. Try Dealroom →, and France striker Thierry Henry as its director of football, a role he had quietly held since 2025. Henry helped convince Mbappe to join once his Nike contract expired this summer.
Mbappe will collaborate with On's designers on upcoming footwear and apparel and represent the company across performance and fashion. "From the beginning, what drew me to On was the opportunity to build something entirely new together," he said in a statement.
Why it matters: Nike began working with Mbappe in 2006 and built him into one of its most prominent football stars. His exit leaves Cristiano Ronaldo and Erling Haaland among the select players around whom Nike has built its roster.
What else? On also extended its deal with Barcelona and Switzerland player Sydney Schertenleib, who joined in December 2025 and will now help develop and test the company's football boots. The brand aims to establish itself in the women's game ahead of next summer's FIFA Women's World Cup.
The signal: On, which added Roger Federer as an investor in 2019 and later signed tennis players Iga Swiatek and Ben Shelton, is using equity rather than sponsorship to lure elite athletes. "Football doesn't need another sportswear brand to do more of the same," Allemann said.
Read more: heavy.com
Image credit: On
