Swiss sportswear company On Holding AG signed French soccer star Kylian Mbappé as a global ambassador and product development partner. The Real Madrid striker, previously sponsored by Nike for 20 years, will collaborate with On’s teams to develop football footwear.
The move marks On’s official entry into the global football market, directly challenging the dominance of Nike and Adidas. French football legend Thierry Henry has also joined the company as Director of Football to support the expansion.
On Holding shares rose more than 5% in premarket trading following the announcement. The partnership signals a strategic shift for the company to expand beyond its running origins into major global sports.