On Signs Mbappé, Launching Football Push as 2026 Shares Sink 41%

3 articles · Updated · Yahoo Sports · Sep 18

Kylian Mbappé will front On’s football launch as a global ambassador, ending his long Nike relationship and working with product teams on boots and apparel.
Thierry Henry has joined as director of football, and On is using a playbook similar to its 2019 Roger Federer-led move into tennis, where it built credibility from almost no presence.
CHF 3.0 billion in 2025 revenue shows On’s rapid growth, but the expansion comes under pressure: the stock is down nearly 23% since its 2021 IPO and 41% in 2026.
Heavy discounting in sports footwear has hurt the category, and despite direct-to-consumer growth of 34.3% in Q2, investors turned more cautious after On cut full-year revenue guidance.
Mbappé’s signing signals a sizable bet that elite on-field visibility can help On break into football, a market long dominated by Nike and Adidas.