Mbappé leaves Nike to sign with Swiss sportswear brand On

French soccer player Kylian Mbappé ended his two-decade partnership with Nike on 18 September and signed a contract with Swiss sportswear brand On. The departure marks another loss for the American sportswear giant as newer competitors continue to gain ground in the athletic footwear sector.

Mbappé had been with Nike since 2006. The company had increasingly relied on the French national team captain as one of its top global ambassadors following the later career stages of Cristiano Ronaldo. Mbappé remained the center of Nike's soccer marketing during this year's FIFA World Cup, recently receiving special editions of his Mercurial boots. Nike also recently lost Spanish player Lamine Yamal to competitor Adidas.

Following the announcement, US-listed shares of On rose 5% in pre-market trading. The Swiss firm, which counts former tennis player Roger Federer among its backers, named former French soccer player Thierry Henry as director of football and plans to launch its first soccer boots in 2027. The Americas region accounts for more than half of On's revenue.