On's Mbappé partnership pits Swiss ambition against Nike's decline

Met Mbappé as its flagship, Swiss sport brand On launches a bold foray into football, while Nike, the long‑time giant, wrestles with slipping sales and recent talent losses.

On expands into football

On has built its reputation in running, triathlon and tennis, with Roger Federer as its marquee ambassador and American tennis star Ben Shelton also on the roster. The company appointed former striker Thierry Henry as its football director, signalling a serious intent to break into the sport. Now the brand has secured French superstar Kylian Mbappé as its new football ambassador.

Kylian Mbappé leaves Nike after almost twenty years to become the face of On, joining his roles as captain of France and the global brand ambassador for Real Madrid. Dries Bervoet, economist and sport journalist, described the agreement as "an incredible and maybe historic deal".

"Not at the level of Nike and Michael Jordan, but it has that potential," Bervoet added, underscoring the commercial weight of attaching one of the world’s biggest stars to a relatively young brand.

Nike's recent struggles

Under former chief executive John Donahoe, Nike pivoted heavily toward direct‑to‑consumer sales via its own webshop, diminishing the role of traditional partners such as Foot Locker. The strategy fell short, and Bervoet noted, "People who no longer saw Nike in the store suddenly started buying other brands."

Nike also lost Spanish prodigy Lamine Yamal to Adidas, and critics have accused the company of relying too long on legacy icons like Michael Jordan. "New generations know Michael Jordan much less. That is becoming a problem," Bervoet observed.

With new chief executive Elliott Hill at the helm, growth remains weak and profit is under pressure. Analysts expect another lackluster quarterly report, and Bervoet warned, "They remain market leader, but things are not good. Losing a figure like Mbappé is another blow for Nike."

On aims to preserve an exclusive image; its shoes sit in the higher price segment and the firm is increasingly focused on the lucrative apparel market. "That’s where the big money is made," Bervoet explained, noting that performance shoes entering streetwear could unlock a much larger market.

Beyond Federer and Shelton, the brand also works with actress Zendaya, and now adds Mbappé to a tightly curated ambassador list. Bervoet said the deal sends a clear signal to investors, as On’s share price has fallen in recent months and its ambitious growth targets have been questioned.

On’s own technology, dubbed LightSpray, already powers its running shoes and is slated to appear in football boots, promising high‑tech performance for Mbappé’s upcoming matches.

The contrast between On’s high‑profile, technology‑driven push and Nike’s waning fortunes highlights a pivotal moment for the football apparel market, with the next season set to reveal whether the gamble pays off.

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