Mbappe Ends Nike Deal to Sign With On in Cash-and-Equity Pact

Reuters··FRCHUS·Read original
2▲1 ▼1Impact / 5
Summary · why it matters

French soccer star Kylian Mbappe has ended a two-decade partnership with NIKE, Inc. to sign with Swiss sportswear brand On, according to a Reuters report dated September 18, 2026, in a deal that includes both cash and equity and gives On Holding AG its first major star as it pushes into soccer for the first time. A source told CNBC that Nike chose not to renew Mbappe's contract as it expired in July 2026, deciding to direct its endorsement spending elsewhere. The signing gives On immediate global credibility ahead of its first soccer boots in 2027, with Thierry Henry serving as director of football and Roger Federer backing the brand, while the equity component aligns Mbappe with On's long-term success. Nike retains a powerful soccer platform despite the loss, still supplying France's national teams through the 2033-34 season and becoming the German national teams' official supplier in 2027, and shares of both companies barely moved after the announcement. On still faces pressure in the Americas, which contribute more than half of its revenue, after missing second-quarter sales estimates and with its shares down approximately 40% in 2026, while Nike has also lost Lamine Yamal to Adidas and the Premier League match-ball contract to Puma.

Impact on assets 5

Consumer Discretionary± Mixed
On Holding Ltd
ONON
▲ PositiveDemandrelevance

On signed Mbappe in a cash-and-equity deal, gaining its first major star and global credibility ahead of its 2027 soccer boot launch.

Nike Inc
NKE
▼ NegativeCompetitionrelevance

Mbappe ended his two-decade Nike partnership to sign with rival On, though Nike chose not to renew and retains a strong soccer platform.