Kylian Mbappé Joins On Holding – Nike Just Lost One Of Its Biggest Soccer Stars After Nearly 20 Years

• French football legend Thierry Henry will take up the role of On’s Director of Football.
• Nike has already seen several high-profile athletes move to rival brands this year, including Emma Raducanu and Arsenal captain Martin Odegaard.
• On said it plans to use its Lightspray manufacturing technology in its football footwear 

On Holding (ONON) is making a major push into soccer, signing French superstar Kylian Mbappé in a high-profile coup that could deal a significant blow to longtime sponsor Nike (NKE).

The move comes as the firm looks to make a dent in an industry largely dominated by Nike, Adidas, and more recently Puma. ONON shares edged 0.1% lower at the time of writing. The stock fell to more than two-year lows in the previous session before climbing back up marginally. NKE shares were down 1%.

On’s Soccer Foray

Mbappé will help On develop and test football boots and apparel while representing the brand on and off the pitch. On has also named French football legend Thierry Henry as Director of Football, following his work behind the scenes on the company’s football strategy and products since late 2025. Financial terms were not disclosed.

“From the beginning, what drew me to On was the opportunity to build something entirely new together that will help shape tomorrow’s game,” Mbappé said.  

Roger Federer-backed On said it plans to use its Lightspray manufacturing technology in its football footwear as it expands beyond running and tennis.

Another High-Profile Loss For Nike

Nike has already seen several high-profile athletes move to rival brands this year. British tennis star Emma Raducanu ended her long-running relationship with Nike to join Uniqlo, while Arsenal captain Martin Odegaard switched from Nike to Adidas.

However, Mbappé could represent Nike’s biggest athlete loss yet, given his global stature and nearly two-decade relationship with the brand. The French star first partnered with Nike at just eight years old and reportedly earned about €14 million ($16 million) annually from the sponsorship.

Mbappé’s departure comes at a difficult time for Nike. The stock has fallen more than 40% in 2026 and is trading near its lowest level in more than a decade. The company is also set to be removed from the S&P 100 after 18 years.

Nike has struggled with slowing sales, tougher competition and continued weakness in China. The company reported fourth-quarter revenue of $10.97 billion, down 1% from a year earlier and marking its second consecutive quarter of sequential revenue decline.

Retail’s Take On ONON Stock

Retail sentiment for ONON on Stocktwits turned ‘extremely bullish’ from ‘bullish’ over the past 24 hours, amid ‘high’ message volume. ONON was also among the top trending tickers at the time of writing.

ONON shares have declined more than 41% so far this year.

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