Mbappe Ditches Nike for Swiss Sportswear Brand On
Kylian Mbappe has ended his two-decade partnership with Nike to join Swiss sportswear brand On, in a move that highlights On's ambitions to expand beyond running and tennis into soccer.
The deal includes both cash and equity components, although the financial terms have not been disclosed. This marks another high-profile loss for Nike, which has recently lost other top players to rivals.
Nike had relied heavily on Mbappe as one of its leading global ambassadors in soccer, but the company's CEO Elliott Hill has pushed to reset Nike's strategy by refocusing on key sports like soccer and running. Despite this setback, investors are unlikely to view Mbappe's move as a significant blow.
Mbappe's exit comes despite Nike's foothold in France, where the company has secured an extension to the French national team's kit-supply agreement until 2033-34. The US company also lost its status as the Premier League's match ball supplier last year to Puma.