One of world football’s biggest stars has ended a partnership that began when he was eight — and his new deal could change the balance of power in the sportswear industry.
Kylian Mbappé has left Nike after almost two decades and signed with Swiss sportswear brand On, becoming the headline name in the company’s move into football.
The Real Madrid and France superstar announced the switch on Friday with a message built around the words “Dream On”. It brings to an end one of football’s longest-running athlete-brand relationships: Mbappé had been associated with Nike since 2006, when he was just eight years old.
On says the 27-year-old will be at the centre of its football project as a global ambassador, helping the company develop products and shape its identity in the sport.
This is not simply another boot deal. On is entering the world’s biggest sport and has recruited one of its most recognisable players to open the door.
## Mbappé becomes the face of On Football
Mbappé said the opportunity to help build something new was what attracted him to the brand. Rather than arriving as the latest famous name on a long endorsement list, he is being presented as a central figure in On’s football ambitions.
That distinction matters.
On has built its reputation in running before expanding into tennis and other areas of sport. It now plans to launch its first football boots in 2027, with former France and Arsenal star Thierry Henry also involved as the company’s director of football.
Mbappé gives that project instant credibility, attention and global reach. He is a World Cup winner, a two-time World Cup Golden Boot recipient and, at 27, already one of the defining players of his generation.
The market’s first reaction underlined the scale of the announcement. Reuters reported that On’s US-listed shares rose around 5% in pre-market trading after the deal was revealed.
For On, this is a declaration of intent. For Nike, it is an uncomfortable loss.
## Why losing Mbappé matters to Nike
Nike does not lack star power, and one endorsement departure will not bring down a company of its size. However, Mbappé was more than another sponsored footballer.
He was the natural successor to Cristiano Ronaldo as the leading face of Nike Football: a player with elite performance, enormous commercial appeal and many prime years still ahead of him. Losing him just as On prepares to challenge the established order hands a rival the sort of launch platform money alone cannot easily create.
The timing makes the story even more significant because Nike is already trying to recover from a difficult period.
In its latest full-year results, Nike reported revenue of $46.4 billion. That was flat in reported terms and 2% lower on a currency-neutral basis. Its fourth-quarter revenue fell 1% as reported and 4% on a currency-neutral basis.
There were more worrying figures beneath the headline number. Nike Direct revenue dropped 7% in the quarter, including a 12% fall in Nike Brand Digital, while Converse revenue was down 32%. The company also pointed to weakness in Greater China and Europe, the Middle East and Africa. Those figures come from Nike’s fiscal 2026 results.
The financial markets have delivered an even harsher verdict. Nike’s shares have fallen more than 43% during 2026 and reached 12-year lows. The company is due to leave the S&P 100 after 18 years, while questions have also been raised about its place in the Dow Jones Industrial Average. Reuters reported that Nike’s market value had fallen by around 80% over five years.
## LoveBelfast opinion: Nike is declining — but it is not defeated
It would be dramatic, and wrong, to declare Nike finished. This remains a business generating more than $46 billion a year, and its latest quarter included a 4% rise in reported wholesale revenue. Its brand, archive and global sporting relationships remain enormously valuable.
But decline does not have to mean collapse.
Nike’s decline is visible in the gap between the company it was and the company it has recently become. For years, the Swoosh appeared to set the pace while everyone else reacted. Now brands such as On, Hoka, New Balance and Asics look fresher in important categories, while Adidas remains a formidable football rival.
Nike’s past push towards direct-to-consumer sales also weakened some retail relationships, and an overreliance on familiar lifestyle models created space for competitors to win attention through performance, design and novelty. The company is working on a turnaround under chief executive Elliott Hill, but rebuilding momentum takes longer than losing it.
That is why the Mbappé deal stings. Nike has not merely lost a famous player; it has lost him to a younger company selling a story about innovation and the future. In branding terms, On has made Nike look like the establishment and itself look like the exciting challenger.
There is still risk for On. Producing a genuinely elite football boot, building worldwide distribution and competing with Nike, Adidas and Puma across clubs, players and supporters is very different from making a spectacular announcement. One superstar cannot guarantee success.
However, On could hardly have chosen a more powerful way to begin.
## A transfer bigger than boots
Football supporters are used to major transfers between clubs. This one has taken place off the pitch, but it may prove just as important to the companies involved.
Mbappé gives On a face, a voice and immediate relevance in football. His departure leaves Nike with another difficult question during a period when investors and consumers are already asking whether the world’s biggest sportswear brand has lost some of its magic.
Nike still has the resources to respond. What it no longer has is the luxury of assuming that the biggest names will always choose the Swoosh.
On has signed Mbappé before producing its first football boot. That is bold, expensive and risky — but it is also exactly the kind of ambitious move Nike itself once seemed to make better than anyone.
What do you think? Is Mbappé’s move a turning point for football boots, or will Nike’s global power prove too strong for On to challenge?
Image credit: Nike via X.
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