On, the Swiss brand of sneakers and sportswear that was born in 2010, made the most significant move in its history this Friday. If in 2019 it signed with then-tennis player Roger Federer — who became a shareholder of the company — in a contract that marked a turning point, today it has sealed an agreement with Real Madrid forward Kylian Mbappé (27 years old), who left Nike after 20 years of relationship. With the sponsorship of one of the biggest stars in world sports, the Swiss company begins its foray into the world of football to challenge Adidas and Nike, the two leading brands. On has also announced that its new football director is Thierry Henry, who played a key role in convincing the French star to join the project after ending his relationship with Nike this summer.
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The Swiss brand, which until now specialized mainly in running and tennis, will manufacture Mbappé’s new boots. On is a brand associated with premium sneakers that also aims to design footwear of the same range for football players. The new products will hit the market in 2027, although it is expected that the Real Madrid forward will debut his boots in the coming weeks. “Mbappé will be at the heart of On’s journey in football, uniting one of the most emblematic players of this sport with one of the most innovative sportswear brands,” the company wrote in a statement, also noting that the Frenchman will participate in the design of the models.
In addition to boots, the Swiss company plans to launch a full range of football clothing next year. In fact, On announced this Friday that it is extending its sponsorship agreement with Sydney Schertenleib, the Swiss Barcelona player with whom they already had a contract since December last year, and that she will also use the boots. The move comes less than a year before the 2027 Women’s World Cup, which will be held in Brazil from June 24 to July 25 of that year.
The Swiss company has not disclosed the financial terms of the agreement with Mbappé, which will last ten years and also includes a shareholding for the player himself, according to Bloomberg. “From the beginning, what attracted me to On was the opportunity to build something completely new together that helps define the future of this sport. I want to bring my experience and perspective to what we believe in, push the boundaries of what is possible through innovation, and always keep the joy of football. We share a dream, and this is just the beginning,” Mbappé wrote in another statement.
On’s move is a blow to Nike, which recently also saw Barcelona and Spanish national team player Lamine Yamal, another major football figure, move to Adidas in 2024 at a time when several emerging brands are trying to gain ground in the global sportswear market, such as Skechers, which in recent years has signed, among others, forward Harry Kane, midfielder Isco Alarcón, and goalkeeper Misa Rodríguez. Mbappé’s departure also occurred despite Nike’s strong position in France, where the company has extended its agreement with les bleus to supply the national team’s kit until the 2033-2034 season.
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On Holding’s shares rose up to 3.8% after the news, while Adidas and Nike shares fell slightly at the time of the announcement on the Frankfurt and Wall Street stock exchanges, respectively.
On was created in 2010 and quickly grew on the stock market. It started with the marketing of running shoes, and a little later expanded to tennis, a sport in which it has agreements with players such as Iga Swiatek or Ben Shelton, the finalist of the last US Open won by Alexander Zverev last Sunday. The Polish tennis player, winner of six Grand Slams, signed with the Swiss company in 2023, when she was number one and dominated the circuit with an iron fist. Four years earlier, it was Federer who had taken the step, although the Swiss only used On shoes because the contract he signed with Uniqlo in 2018 for about 260 million euros after leaving Nike ends in 2028.
The Swiss company is trying to boost its revenue also with clothing, although it had a rough summer: in August, shares plummeted more than 20% after second-quarter sales fell short of analysts’ forecasts. The company invoiced about 900 million euros between April and June, compared to the 933 million the market expected.
On expects to close 2026 with revenues between 3.675 and 3.770 billion euros. The company has chosen to preserve its strategy of setting high prices for its sneakers and avoiding discounts on old models, which partly caused its summer slump.
