On bets on Mbappé to lead its football push, signaling a Nike setback

Swiss sportswear group On Holding AG signed Kylian Mbappé to lead its entry into football, a move that represents a notable setback for Nike and signals a long-term strategy to launch boots in 2027, followed by kits and lifestyle products. The plan leverages On’s LightSpray technology and a Federer-inspired partnership model to accelerate growth in a football-dominated market, with On stock rising and Mbappé’s switch echoing recent moves like Lamine Yamal’s switch to Adidas.