Olivier Bernhard’s acquisition of Kylian Mbappé for On positions the Swiss sportswear brand to directly challenge Nike and Adidas in the football endorsement market
Executive summary: Olivier Bernhard, the founder of Swiss sportswear brand On, persuaded Kylian Mbappé to sign an endorsement contract, transferring the French footballer from Nike to On. The move signals a direct challenge to Nike and Adidas’ stronghold on football‑related endorsements, potentially reshaping endorsement spending and boosting On’s brand equity.
Who is involved: Olivier Bernhard (On), Kylian Mbappé (French footballer), Nike, Adidas (as competing brands), On brand.
Likely next: On will launch Mbappé‑focused marketing campaigns; Nike and Adidas may counter with new endorsements or promotional pushes; investors will monitor On’s sales growth and brand perception metrics.
The Swiss entrepreneur behind On has secured a high‑profile endorsement deal with French striker Kylian Mbappé, moving the athlete from Nike to the challenger brand. This shift underscores the growing competitiveness of the sportswear sector, where athlete partnerships can quickly alter brand perception and market share. While the deal provides On with immediate visibility in the global football market, Nike and Adidas will likely respond with counter‑marketing or new athlete signings to protect their dominance.
What's next — scenarios
Base: modest sales boost (50%)
On experiences a ~5% year‑over‑year increase in football‑footwear sales; Nike’s market share remains largely unchanged.
- On releases quarterly earnings showing single‑digit growth in football segment
- Nike’s quarterly earnings show stable football‑related revenue
- Consumer surveys indicate limited brand‑preference shift
Upside: strong brand uplift (30%)
On gains approximately 10% share of the football‑footwear market; Nike sees a noticeable decline in endorsement‑driven sales.
- On reports double‑digit growth in football‑footwear revenue
- Nike’s football‑segment revenue declines quarter‑over‑quarter
- Market research shows Mbappé‑driven preference for On among key demographics
Downside: limited impact (20%)
The Mbappé endorsement fails to move the needle for On, while Nike retains its dominance in football endorsements.
- On’s quarterly earnings show flat or declining football‑footwear sales
- Nike’s football‑segment revenue remains stable or grows
- Brand‑tracker studies reveal no significant change in consumer perception
What to watch
- On’s upcoming quarterly earnings report
- Nike’s upcoming quarterly earnings report
- Launch of Mbappé‑endorsed product line by On
- Consumer‑preference surveys measuring brand sentiment in sportswear
Timeline
- — Olivier Bernhard, el campeón de ‘Ironman’ que se ha llevado a Mbappé de Nike (El País — Economía)
- — Derrière le transfert de Kylian Mbappé chez l’équipementier On, la dégringolade de Nike (Le Monde — Économie)
- — Nike’s stock is one of the worst in the S&P 500 — and BofA says it’s not done sliding (MarketWatch)
Analysis — what this means
Sectors affected
- sportswear and athletic footwear
Historical parallels
- Michael Jordan’s signing with Nike in 1984
- David Beckham’s move from Adidas to Nike in 2003
- Cristiano Ronaldo’s endorsement shift from Nike to Tag Heuer in 2020
Key entities
Sources
- Olivier Bernhard, el campeón de ‘Ironman’ que se ha llevado a Mbappé de Nike — El País — Economía
- Derrière le transfert de Kylian Mbappé chez l’équipementier On, la dégringolade de Nike — Le Monde — Économie
- Nike’s stock is one of the worst in the S&P 500 — and BofA says it’s not done sliding — MarketWatch
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