The deal
On, the Swiss sportswear brand, has made its first foray into the soccer market with a major endorsement deal with French superstar Kylian Mbappé.
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The brand will supply footwear and apparel to the Real Madrid striker, who also becomes a global brand ambassador.
The 27-year-old will reportedly take an equity stake in the company as part of the agreement.
The deal also includes built-in bonuses if Mbappé wins major competitions such as the World Cup and the UEFA Champions League.
The length of the deal was not stated publicly, but The Athletic reports it is a long-term deal, around a decade, which may mean Mbappé plays in On boots for the remainder of his playing career.
Why it matters
The tie-up ends Mbappé’s long relationship with US sportswear giant Nike, representing a significant loss for the brand, which has sponsored the French star for about two decades. Mbappé had been with Nike since 2006, when he was only nine years old.
With Cristiano Ronaldo’s career drawing to a close, Mbappé – along with Norwegian star Erling Haaland – was Nike’s most celebrated endorser, also playing in a Nike kit with France.
The Frenchman’s relationship with Nike was one of the longest-standing in the soccer industry.
Mbappé’s latest move will be regarded as a major shift in the balance of power among soccer’s biggest brands as he takes a leap into the soccer unknown with On. For him, the appeal may be in being the undisputed face of a challenger brand.
The soccer market is one of the most fiercely contested in the sports industry, with giants Nike and Adidas still the dominant players.
In what was once a market that appeared to be effectively closed to competitors, there are now new brands attempting to gain some market share.
Several smaller brands have entered the soccer market in recent years, including New Balance and Skechers, the latter through a similar deal with England superstar Harry Kane.
On was formed in 2010 and is valued at about $9 billion. Its venture into soccer arguably represents the boldest move of the 17-year-old Swiss company’s history.
Will Padmore, GlobalData Sport’s senior data researcher, commented: “The signing of Mbappé is a statement of intent by On, signalling their soccer ambitions by signing arguably the best player in the world. Fresh off a personally very successful World Cup, which saw him become the tournament’s record goal scorer and the first male player to win the Golden Boot twice, On has signed a player at the peak of his powers.
“Having focused on sports such as running and tennis up to now, On will now have to transition to a completely different sport. Its distinctive Cloud-Tec cushioning technology is unlikely to adapt successfully to football boots with their minimal outsoles, yet its LightSpray upper technology, which sees a filament sprayed around a last to create the upper by a robot arm, seems a far more likely technology to transfer to soccer.
“Indeed, Mbappé has been pictured in Real Madrid training wearing prototypes which appear to feature LightSpray uppers. Whilst On claims that LightSpray technology dramatically reduces waste in footwear manufacture, it is unclear as to the extent of On’s manufacturing capacity.”
He added: “Whilst signing Mbappé secures a very marketable face of the brand and top-end credibility, there are several hurdles On will have to address to turn the signing into a significant share of the soccer market. Whilst top-end soccer boot models retail for prices in excess of £220 ($291), Nike, Adidas and Puma all produce models at a variety of takedown levels catering to all price points.
“On currently caters to a more affluent consumer, with no full-price adult shoe coming in below £100 and only one child’s model bearing a retail price of less than £70. On will need to provide options for less affluent consumers if it wants the Mbappé signing to translate to large numbers of sales.”
The details
In addition, On has appointed Thierry Henry as its director of football. The French soccer legend has been working with the brand on its entry and product approach since late 2025.
Henry is understood to have played a role in convincing compatriot Mbappé to join upon the expiration of his contract with Nike this summer.
The Zurich-based group intends its deal with Mbappé to be a long-term partnership modelled in part on its relationship with tennis legend Roger Federer, who also received equity in the brand.
Mbappé’s departure from Nike is symbolic of a trend among leading athletes who appear to crave greater input and ownership of their relationship with a brand.
Despite Nike’s significant standing in the market, Mbappé appears to have been tempted by the opportunity to distinguish himself by becoming the undisputed face of a new soccer boot brand at On.
According to The Athletic, Nike had been prepared to offer roughly the same base offer as On, but the equity component differentiated the deal. Adidas is also understood to have held some initial talks with Mbappé without ever offering a deal.
On is betting that its LightSpray manufacturing technology can help it win significant share in a market dominated by Nike, Adidas, and Puma. The company is hoping to mirror its rapid expansion in running and tennis.
The brand wants to offer lightweight boots, which it says will be designed to give players a closer feel for the ball.
Padmore added: “Before Mbappé, On has focused its endorsement efforts on running and tennis. Whilst the signing of Federer was for shoes only, given his Uniqlo deal, sponsoring runners and tennis players gives On the opportunity to market their apparel offerings. In soccer, the apparel marketing opportunities are extremely limited without shelling out huge amounts to enter the kit supply market.
“When Mbappé debuts his new On boots, he will be playing in matches wearing either an Adidas (Real Madrid) or Nike (France) kit. Kids who want to represent their hero will be able to do so by buying a replica kit bearing his name but no On logo.
“Despite still producing the France kits Mbappé will be playing in on the international stage, Nike will still be hurting by the loss of one of its key contracts. Mbappé was a large part of the swoosh’s World Cup marketing campaign and the face of the Mercurial Superfly line of boots. Whilst players such as Vinicius Jr., Haaland, and Ronaldo remain under contract, the loss of Mbappé will leave a gap in the Nike roster of players.”
Padmore continued: “Nike has reduced the number of soccer endorsers on its books in recent years, losing players such as Kane, Neymar (Puma), and Raheem Sterling (New Balance). With the reduction in players, it seemed as though Nike was relying on the very top end of its stable to continue to drive sales; the departure of Mbappé casts new doubt on that approach, and as a result we may see an influx of new Nike athletes in the short to mid-term.
“Outside of Mbappé, On has signed female Swiss international and Barcelona player Sydney Schertenleib. Long term, the signing of Schertenleib may prove to be more impactful for On, although the big brands have made steps recently to properly address the needs of female footballers. If On can provide female-specific products from the start, it could quickly build a loyal fan base amongst female footballers.”
