Kylian Mbappé, the dude who was literally tearing up defenses in Nike boots at the World Cup just three months ago, is officially done with the Swoosh. This morning, Swiss sportswear brand On dropped a bombshell: they’re bringing the French superstar on as a global ambassador, marking their big entry into football. Think about it: June, he’s central in Nike’s “Rip the Script” World Cup short film, rocking their gear. Now, September, he’s out. That long-time relationship? Over. Talk about a fast break!
On Is Making Moves, And They’re Not Playing Around
This isn’t just a simple endorsement. Mbappé isn’t just posing for pictures; he’ll be working super close with On’s product teams to develop new football footwear and apparel. That’s next-level stuff. And they’re not stopping there. Legendary Thierry Henry has joined the brand as director of football, and existing ambassador, Barcelona player Sydney Schertenlieb, is expanding her role too. On is trying to establish itself in the world’s most popular sport, a game absolutely dominated by giants like Nike and Adidas. This is their most ambitious play yet, no doubt.
History Rhymes: The Federer Playbook Is Back
If you’re wondering if On can pull this off, look at their track record. They’ve done this before, with a very similar playbook. Back in 2019, On pulled off another shocker by signing Swiss tennis legend Roger Federer when the brand was way less known. Federer wasn’t just an ambassador; he became an investor and a partner in building their tennis business beyond running products. Even after Federer retired in 2022, On kept the momentum rolling, signing six-time Slam winner Iga Świątek and US Open finalist Ben Shelton. Sure, Shelton’s deal might be ending soon, but they’ve already bolstered the roster with rising stars João Fonseca and Flavio Cobolli. They went from nowhere in tennis to elite status. Now, with Mbappé on board, they’re clearly trying to make that exact same leap into football.
The Stakes Are High: Big Investment, Nervous Investors
On has grown like crazy, with revenues jumping from CHF 267 million in 2019 to CHF 3.0 billion, which is roughly $3.6 billion, in 2025. That’s massive growth! But it hasn’t been smooth sailing as a publicly traded company. Since their 2021 IPO, On stock is actually down nearly 23%, and it’s plummeted another 41% just this year alone. Ouch. The whole sports footwear market has been tough, with heavy discounting everywhere. On has actually pulled back from those wholesale channels to keep its premium vibe. Mbappé is reportedly getting equity as part of this deal, which means he’s getting in when the stock is at some recent lows. Even with strong direct-to-consumer sales, up 34.3% in Q2, investors are still nervous, especially after the company lowered its full-year revenue guidance. This move into football, anchored by a superstar like Mbappé, is a HUGE investment. And get this: their locker isn’t even full. There’s even talk of a potential move into basketball next!
This article was created with AI assistance and published under Seattle On Tap’s editorial standards. See our Editorial Policy.
Originally reported by Yahoo Sports.
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