Kylian Mbappé has a new boot deal, and it's not with Nike, Adidas or Under Armour. The World Cup winner has signed with On Holding, the Swiss sportswear company best known for running shoes, marking its first serious move into football sponsorship. On did not disclose the size of the deal.
Mbappé's contract with Nike expired this past summer after seven years with the brand. On beat out competitors including Adidas and Under Armour to land him, a notable coup given how tightly those two companies have historically controlled the football boot market.
Evercore ISI analyst Michael Binetti didn't hold back in a note to clients, calling the signing "a direct challenge to Nike and Adidas (which have a near-monopoly in the category)." He added that "we expect a major investment in a large global category will be a positive near-term catalyst for the stock."
Alongside the Mbappé announcement, On named soccer pundit Thierry Henry as the company's director of football. Henry had already been working with the brand since 2025, so the title formalizes a relationship rather than starting a new one.
Market Reaction Was Muted
On's stock ticked up slightly on the news, but that barely dents a rough year for the company — shares remain down 40% year to date, a reflection of the tough retail environment facing sneaker brands generally. Nike, for its part, saw its own stock fall 2% on Friday.
A Familiar Playbook With Former Nike Stars
This isn't the first time On has picked up a big name after a Nike split. Roger Federer ended a 24-year partnership with Nike in 2018, then took a 3% stake in On the following year — a stake that has paid dividends for the tennis great. Federer went on to develop his own shoe line with the brand, THE ROGER.
On now counts roughly 300 athlete partnerships in its portfolio, including tennis star Iga Swiatek and Hellen Obiri, the two-time Boston Marathon and two-time New York City Marathon champion. Runner Yared Nuguse and tennis player Ben Shelton are also on the roster.
The brand has been leaning into these partnerships to expand beyond running. In June, it held its first On Running Summit in Paris, bringing together its top 100 global run-specialty partners and giving them an early look at its new racing shoe, the Cloudboom Strike 2.
Beyond sport, a partnership with Zendaya has helped On reach a younger audience. Founder and co-CEO David Allemann told Yahoo Finance that a line co-created with Zendaya, launched in April 2026, sold out — with 60% of customers being women under 34.
On has built its strategy around involving athletes directly in product development, seeking their feedback as it pushes into new categories like training, apparel, tennis and now soccer. Telsey Advisory Group analyst Cristina Fernández pointed to the tennis side as an example of what's possible, noting after On's second-quarter results that "On's tennis players Flavio Cobolli and Joao Fonseca captured headlines at Roland Garros and helped drive a nearly 300% increase in tennis apparel."
