Mbappé didn't just switch sponsors. He reportedly took equity in On
Mbappé left Nike for On, with The Athletic reporting an equity stake as the Swiss brand prepares its first football boots for 2027.
For most of Kylian Mbappé's career, the swoosh was part of the picture. Nike had sponsored him since he was a child, and its Mercurial boots followed him from teenage prodigy to Real Madrid star.
Now the logo is changing, but the more interesting part of the move is not the logo.
Mbappé has joined Swiss sportswear brand On, which is entering football for the first time. The Athletic reports that the deal gives him equity in the company, while noting that On declined to comment on that detail and that financial terms were not disclosed.
That makes this more than a familiar athlete endorsement. If the reported equity structure is accurate, Mbappé is financially tied to the success of the football business he is helping On build.
Table of contents
- Why the equity detail changes the sponsorship
- On is building football credibility before it has boots to sell
- What Nike loses when a flagship athlete leaves
- What marketers should watch next
Why the equity detail changes the sponsorship
A conventional boot deal is easy to understand: a player wears the product, appears in campaigns and receives compensation. On's arrangement with Mbappé is being positioned differently.
In its official announcement, On says Mbappé will work directly with its product teams on the development and testing of future football footwear and apparel. He will also act as a global ambassador beyond football.
Mbappé described the appeal in similarly hands-on terms, saying he was drawn to “the opportunity to build something entirely new together.”
The reported equity component adds another layer. An ambassador is paid to represent a company. An owner has an incentive to help make that company more valuable.
That distinction matters because On already has a precedent for it. Roger Federer joined the company in 2019 as what On calls a co-entrepreneur, working with the business on product development and helping it build credibility in tennis.
Mbappé now gives On a chance to repeat parts of that playbook in a much larger sport.
On is building football credibility before it has boots to sell
On does not yet have an established football boot business. Reuters reports that its first football boots are planned for 2027.
That means the company is doing the unusual part first: assembling the people before the category is fully on shelves.
Thierry Henry has been named On's Director of Football after working behind the scenes on the company's football entry since late 2025. According to On, his role covers product, athlete relationships and how the company approaches football culture.
Pairing Henry with Mbappé gives On two different kinds of credibility. Henry brings experience across generations of elite football. Mbappé brings current relevance, visibility and the practical perspective of an active player who will help test what On builds.
The sequencing also creates a story before launch. On is not asking football consumers to discover an unknown boot in 2027 and then learn why the brand belongs in the category. It is spending the runway establishing who is helping build it.
Investors noticed the announcement too. Reuters reported that On's US-listed shares rose about 5% in premarket trading after the news.
What Nike loses when a flagship athlete leaves
Nike's relationship with Mbappé dates back to 2006. He later became one of the brand's most visible football ambassadors and received signature Mercurial editions.
Its farewell statement was restrained: “We are proud of what we achieved together on and off the pitch,” Nike said, while wishing him success in the next phase of his career.
The departure matters because athlete relationships are not only media inventory. Over time, the boot becomes part of how fans visually recognize a player. Signature products, campaign appearances and major tournament moments all accumulate around the same association.
Mbappé's exit also follows another prominent Nike loss in football: Lamine Yamal's move to Adidas. The timing of Yamal's switch predates 2026, so the two departures should not be treated as a single-season exodus. But together they show how aggressively rival brands are competing for football's most culturally valuable players.
ContentGrip recently looked at the other side of that equation in Nike's “Rip the Script” campaign, where Mbappé appeared inside a much broader football entertainment universe alongside other athletes and celebrities. The contrast is useful. Nike has scale and a deep roster. On is offering a smaller stage where one athlete can help shape the product and, reportedly, own part of the upside.
What marketers should watch next
The biggest question is whether this structure produces something consumers can actually feel.
Equity sounds different from an endorsement fee, but the marketing value will come from what Mbappé is allowed to influence: the boot design, product testing, launch story, signature lines and how much of On Football becomes visibly connected to him.
For brands, that is the lesson worth watching. Ownership can make a partnership look more committed, but only if the athlete's role is real enough to show up in the product and the story around it.
On is entering football without decades of category history. Instead of borrowing Mbappé's fame for a campaign, it is positioning him as part of the reason the football business exists.
If that model works, the most important thing Mbappé brings to On may not be reach. It may be the credibility of having something at stake.
