On signs Kylian Mbappé to challenge Nike and Adidas in soccer

On has signed Kylian Mbappé, the company announced, as the Swiss sneaker brand prepares to enter competitive soccer footwear for the first time. Mbappé signed with Nike as a child at the start of his career. His move to On marks the brand's formal push into a sport it has never made products for.

The signing lands in one of the toughest categories in athletic apparel, a market long controlled by Nike and Adidas. On is also expanding its football roster elsewhere. Thierry Henry, an On ambassador since 2025, becomes the company's director of football.

Sydney Schertenleib, the FC Barcelona and Swiss national team women's star who joined On as an ambassador last year, will now also work on product development and testing. That puts a current professional player inside On's design process for its first football line, rather than only fronting its marketing.

What analysts make of the deal

BMO Capital Markets analysts Kelly Crago and Owen Tunstill called the Mbappé signing "a great way to start," noting in emailed comments that smaller rivals have tried and failed to move market share with quieter endorsements. They named Skechers and New Balance as brands that have tried this route without denting the leaders' grip.

Evercore ISI analysts led by Michael Binetti expect On to lean on lifestyle designs alongside performance gear, pointing to the brand's existing focus on fashion and the thin margins on cleats and licensed fanwear. Binetti also flagged that soccer is monopolised by Nike and Adidas in a way the more fragmented running category, where On has already succeeded, is not.

Jefferies analysts led by Randal Konik took the more sceptical line, framing the Mbappé signing as evidence that On is having to spend heavily just to get a foothold in soccer. They compared it to Under Armour's partnership with Steph Curry, a star athlete, they said, "who failed to establish the brand as a dominant player in the sport."

Jefferies argued that football consumers buy boots from brands with decades of performance credibility, not from whoever signs the biggest name. Nike, Adidas and Puma, the firm said, have built athlete ecosystems, club relationships and product legitimacy over years that a new entrant cannot replicate quickly.

"Launching a football line is one thing; convincing players to switch equipment in a category where performance credibility drives purchase decisions is another," Jefferies said. The firm added that if consumers do not view On as a genuine performance football brand, its premium-priced football footwear will struggle to gain traction.

What Mbappé and Schertenleib said

Both athletes framed the move around the sport rather than the brand. "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 in a statement announcing the deal.

He added that he wants to bring his own experience and perspective into what On creates, to push what is possible through innovation, and to stay true to what he called the joy of football. "We have a shared dream, and this is only the beginning," Mbappé said.

Schertenleib likewise said she appreciated the opportunity to help On make its debut in the sport, keeping her comments focused on the football itself rather than on the commercial stakes of the signing. On has not disclosed financial terms for either athlete's deal.

The company has not said when a football boot or kit line will actually reach shelves, nor detailed pricing, materials or which competitions its products might first appear in. Those specifics remain the open question behind Friday's announcement.

On built its reputation in running, where the market is more fragmented and where the brand has taken share from established names without needing to dislodge a duopoly. Soccer is structurally different: Nike and Adidas have supplied national teams and top clubs for decades, a relationship On has yet to establish anywhere.

That gap is the crux of the scepticism from Jefferies and the caution from Evercore ISI alike. Both firms agree On has the money and the ambassadors to enter the category; neither is convinced that buys the on-pitch credibility that determines whether professional and amateur players actually switch boots.

For now, On's soccer strategy rests on three names: Mbappé as the face of the push, Henry directing football operations, and Schertenleib shaping product from inside the design process. Whether that combination converts into sales against two entrenched rivals is the question the analysts have already started arguing over.

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Image: Courtesy of On