Mbappé's switch from Nike to On signals a challenge to Nike's dominance and opens the football market for the Swiss challenger
Executive summary: Kylian Mbappé terminated his two‑decade partnership with Nike and signed an endorsement deal with Swiss brand On, which will now produce football‑focused footwear. The transfer undermines Nike’s long‑standing grip on elite athlete endorsements and gives On a foothold in the lucrative football market, influencing competitive dynamics in the sports‑apparel sector.
Who is involved: Kylian Mbappé, Nike, On (the Swiss sports equipment company), and Mbappé’s clubs (Real Madrid and the France national team).
Likely next: On will launch a football‑specific product line later in 2026, while Nike may seek new athlete partnerships or adjust its marketing strategy to counter the loss.
Kylian Mbappé’s decision to end his two‑decade endorsement relationship with Nike and sign with the Swiss brand On represents more than a personal career move; it reflects broader shifts in the sports‑apparel landscape. Nike has recently been removed from the S&P 100 index, faces weakening sales momentum, and is responding by cutting thousands of online distributors in China while acknowledging global consumer pressure. These developments suggest that the company’s grip on the football equipment segment is loosening, creating space for competitors to gain traction. For On, the partnership with Mbappé marks its first major foray into football, a category where brand visibility can translate quickly into sales growth. The deal may accelerate On’s efforts to establish credibility among football fans and athletes, potentially boosting its market share in a segment long dominated by Nike. In the near term, Nike is likely to accelerate its digital restructuring and explore new marketing strategies to defend its position, while On could leverage the high‑profile endorsement to expand its product lineup and distribution channels in key football markets.
What's next — scenarios
On Football Market Disruption (40%)
Brands must prepare for higher marketing costs as On bids aggressively for elite football talent to challenge Nike's dominance.
- On announces at least two more major football player signings within 60 days
- On launches a dedicated football boot line with global retail placement
Nike Retains Market Share (45%)
Nike's core football dominance remains intact, proving that legacy positioning and broader athlete portfolios still outweigh single-player shifts.
- Nike announces counter-signings of rising football stars to multi-year deals
- Nike's next quarterly earnings report shows stable or recovering football segment revenues
On Fails to Scale Football Footprint (15%)
On scales back its football ambitions, proving that non-endemic brands struggle to convert running-focused equity into team sports equipment.
- Mbappé suffers prolonged injury or performance dip affecting brand visibility
- On reports supply chain or distribution bottlenecks for football product lines
What to watch
- On's next quarterly earnings call regarding marketing spend and football segment guidance over the next 30 days
- Major European football tournament announcements and kit rollouts in the next 60 days
- Nike's global marketing campaign shifts and athlete roster updates over the next 90 days
Timeline
- — Derrière le transfert de Kylian Mbappé chez l’équipementier On, la dégringolade de Nike (Le Monde — Économie)
Analysis — what this means
Sectors affected
- sports apparel
- footwear
- athlete endorsement
Historical parallels
- Nike dropped from the S&P 100 on September 21 2026
- Nike ended its 20‑year partnership with Kylian Mbappé on September 18 2026
Key entities
Sources
- Derrière le transfert de Kylian Mbappé chez l’équipementier On, la dégringolade de Nike — Le Monde — Économie
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