Updated: Mbappé leaves Nike and signs with On, as the latter enters the football field

The full text has been supplemented with details.

Reuters, September 18 - French football star Kylian Mbappé has ended a partnership of nearly two decades with Nike and joined the rapidly growing Swiss sports brand On. This move not only gives the Roger Federer-backed company a star ambassador as it enters the football world, but also puts the American giant once again in the position of losing high-profile talent to emerging rivals.

Although On stated that the structure of the deal includes both cash and equity components, it declined to provide further details, and specific financial terms have not yet been disclosed.

This move highlights On’s ambition to expand its business from running and tennis into football. The brand plans to launch its first football boots in 2027 and has hired former French star Thierry Henry as football director.

As emerging brands continue to enter the global sports apparel market, Nike has recently lost other high-profile athletes, further increasing the pressure it faces.

Mbappé’s switch to On marks the end of the French national team captain's partnership with Nike, which began in 2006 when he was just 9 years old. Not long ago, Nike also lost Lamine Yamal, a member of World Cup champions Spain, who switched to Adidas.

“We are proud of what we have achieved together both on and off the pitch. As he steps into a new stage of his career, we wish him continued success in the future,” Nike said in a statement.

Despite Nike’s deep roots in the French market—the company has extended its long-term kit supply deal with the French national team through the 2033-34 season—Mbappé still chose to depart.

On’s US-listed shares rose as much as 5% in pre-market trading before settling flat, while Nike stock showed little change, indicating the news had limited impact on investors.

On is seeking growth in the Americas, where more than half of its revenue comes from. The company has focused on full-price sales, but this year, in the context of unstable economic spending in the region, sales have been weak (link).

As football superstar Cristiano Ronaldo moves into the later stages of his career, Nike has become increasingly reliant on Mbappé as one of its global leading brand ambassadors .

The 2018 World Cup champion was a central figure in Nike’s football marketing during this year’s FIFA World Cup and recently received a signature edition of Nike’s Mercurial boots.

“(Football) has once again led me to one of the biggest changes in my life. Today, I find myself surrounded by a group of innovators who share the same dreams as I do,” Mbappé said on his social media account.

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