Stocks
On Holding Signs Kylian Mbappé in Bid to Challenge Nike's Dominance in Soccer
On Holding (ONON) is making significant inroads into the soccer market, signing French superstar Kylian Mbappé to a high-profile deal that may impact longtime sponsor Nike (NKE).
Mbappé will help On develop and test football boots and apparel while representing the brand on and off the pitch. Thierry Henry, a French football legend, has been appointed as On's Director of Football.
On plans to utilize its Lightspray manufacturing technology in its football footwear as it expands beyond running and tennis. This move comes as Nike faces challenges with slowing sales, increased competition, and continued weakness in China.