Mbappé Defects: On Holding AG Poaches Football Star in Bid to Shake Up Adidas-NIKE Duopoly
Kylian Mbappé has left NIKE to join On Holding AG, which plans to launch its first football products in 2027. The deal makes Mbappé a global ambassador for On and includes an equity component that ties his financial upside to the company's stock performance.
The move is seen as a challenge to NIKE and adidas, which have dominated the football apparel market for decades. Evercore ISI analyst Michael Binetti said it represents a direct challenge to these two companies, with a significant investment in this broad category serving as a catalyst for On's stock.
Analysts point to On's tennis roster as a template for how well athlete partnerships can drive sales lift. However, there is also a risk that translating Mbappé's engagement into a product will not resonate with customers.