Kylian Mbappé has signed an endorsement deal with Swiss sportswear company On after Nike decided not to renew their contract with him. This move is notable as it represents On's first foray into football endorsements, while Nike, facing declining sales and a need to rebuild brand loyalty under CEO Elliott Hill, shifts its focus elsewhere.
Mbappé, who has been with Nike since childhood, expressed excitement about the opportunity to innovate with On, emphasizing a desire to bring fresh ideas to the sport. The transition comes as Nike has struggled with sales, particularly in China, leading to a significant drop in its stock price over the past year.
Analysts from Jefferies have cautioned that entering the football market is costly and that establishing performance credibility is challenging, drawing parallels to Under Armour's previous partnership with Stephen Curry, which did not yield the expected dominance in the sport. Nike acknowledged Mbappé's contributions over nearly two decades and wished him success in his new venture