French soccer star Kylian Mbappe has ended a two-decade relationship with Nike to join fast-growing Swiss sportswear brand On, giving the Roger Federer-backed company a marquee name for its push into football and handing the US giant another high-profile defection to a rising rival.
The financial terms of the deal have not been disclosed, though On said that the structure includes both cash and equity components, without providing further details.
The move underlines On’s ambitions to expand beyond running and tennis into football, where it plans to launch its first boots in 2027 and has brought in former France star Thierry Henry as director of football.
It adds to pressure on Nike, which has recently lost other high-profile players to rivals as newer brands make inroads into the global sportswear market.
Mbappé’s move to On ends a relationship between the French national team captain and Nike that dates back to 2006 when he was 9 years old, and comes on the heels of Nike’s loss of recent World Cup winner Spain’s Lamine Yamal to Adidas.
“We are proud of what we achieved together on and off the pitch. As he moves into the next phase of his career, we wish him continued success for what comes next,” Nike said in a statement.
His exit comes despite Nike’s foothold in France, where the company has secured an extension to the French national team’s long-running kit-supply agreement until 2033-34.
On’s US-listed shares briefly gained as much as 5% in premarket trading before turning flat, while Nike shares were little changed, indicating the news had limited impact on investors.
On is looking for growth in the Americas, which account for more than half of its revenue.
The company has focused on full-price sales, but has struggled in the region this year amid choppy economic spending.
Nike had increasingly leaned on Mbappé as one of the sport’s leading global ambassadors, as soccer star Cristiano Ronaldo enters the latter stage of his career.
The 2018 World Cup winner was a centerpiece of Nike’s football marketing at this year’s FIFA World Cup, most recently receiving signature editions of its Mercurial boots.
“Once again it (football) has led me to one of the biggest changes in my life. Now, I find myself surrounded by innovators who dream of the same things I do,” Mbappé said on his social media accounts.