Mbappé moves On from Nike as Swiss sportswear brand charges onward through sports

The below is an excerpt from an upcoming edition of the Yahoo Sports Biz newsletter. In a digestible and fun briefing sent three days a week, Yahoo Sports Biz explores the money behind the games — and how it's shaping your favorite teams and leagues. Sign up here .

In June, Kylian Mbappé featured centrally in Nike's " Rip the Script " World Cup short film, shortly before tearing through defenses in Nike boots throughout the tournament. Just three months later, his long-time relationship with the Swoosh has ended. Mbappé is moving On… or to On, in this case.

Catch up: Swiss sportswear brand On announced this morning that it's entering football alongside the French superstar. Mbappé will be a global ambassador for the brand, working closely with product teams in developing football footwear and apparel. Thierry Henry has also joined the brand as director of football, while existing On ambassador and Barcelona player Sydney Schertenlieb has expanded her role beyond training and lifestyle.

What it means: This is perhaps the most ambitious extension of On's brand yet, as it tries to establish itself at the highest ranks of the world's most popular sport, one dominated by Nike and Adidas. However, the company has a track record in precisely this sort of endeavor, executed with a very similar playbook.

History doesn't repeat itself, but it rhymes: The last time On shocked the sports world with the signing of an icon, the brand was a lesser-known commodity. Its prize in 2019? Swiss tennis legend Roger Federer, who became an investor in the Swiss company and an eventual partner in its efforts to build a tennis business and expand beyond running products.

Federer retired in 2022, but On soon filled the void with other athletes. Among them: six-time Slam winner Iga Świątek and last weekend's US Open finalist Ben Shelton.

Shelton's deal could reportedly end in the coming months, but rising stars João Fonseca and Flavio Cobolli have further bolstered the roster.

The brand's efforts in tennis, anchored by an icon, demonstrate its ability to grow from a nonexistent presence to recognized standing at a sport's elite levels. With Mbappé in tow, it will try to make the same leap in football.

New energy required: Though On has grown rapidly, with revenues rising from CHF 267 million in 2019 to CHF 3.0 billion (~$3.6 billion) in 2025, it has endured a tumultuous stretch as a publicly traded company. Mbappé will reportedly receive equity as part of the deal — if so, he's getting in at recent lows.

Since its 2021 IPO, On stock is down nearly 23%, including a 41% drop to date in 2026.

A challenging environment in the broader sports footwear category, characterized by heavy discounting in wholesale channels, has weighed on both On and its competitors this year.

On has pulled back from those channels to preserve its premium positioning. However, despite DTC strength ( +34.3% in Q2 ), investors have remained nervous about waning brand momentum. Shares fell more than 20% after the company lowered its full-year revenue guidance in its Q2 earnings report.

Looking ahead: On will surely have its hands — or feet — full with its extension into football. The involvement of a star of Mbappé's stature indicates this will be a sizable investment. But their locker is not yet full. A potential tryst with basketball briefly came into frame when sneaker free agent Stephen Curry wore a pair of Federer's signature Ons during warmups this past season. While Curry ultimately chose Li-Ning, the sport looms as a natural fit should another star desire to partner with the company to launch something new, a legacy included.

Big picture: On has become a lifestyle sensation, but just as Nike is focusing its recovery efforts on a "Sport Offense," On has recognized that on-field excellence plays a pivotal role in driving the brand forward. They're no longer dreaming: A player taking the pitch in On cleats at the highest levels of European football will soon be a reality.