Kylian Mbappe signed with Swiss performance brand On after his Nike contract expired July 31, ending a relationship that began when he was nine years old. The deal, announced Thursday, pays Mbappe north of $18 million annually according to two people familiar with the terms, making him On's first marquee football signing and the highest-paid athlete in the company's 15-year history. Nike declined to match.
On, valued at $6.7 billion in its 2021 NYSE listing, has built its business on premium running shoes and Roger Federer's investment and endorsement. The company posted $1.8 billion in 2023 revenue, up 47% year-over-year, but generates less than 3% from football. Mbappe's signing gives On instant access to a sport where Nike controls 37% of the global boot market and Adidas holds 33%. The 25-year-old forward, now at Real Madrid after leaving PSG, has 128 million Instagram followers—more than Federer, Zendaya, and Ilia Topuria combined, On's three other marquee names.
Nike's decision not to renew reveals a shift in how the Beaverton giant values football talent. The company signed Mbappe in 2004 through its youth academy program, a model that historically locked young players into below-market deals with renewal options heavily favoring Nike. But Mbappe's camp, led by attorney Delphine Verheyden, restructured his last Nike extension in 2019 to include a hard expiration, not a club option. When July rolled around, Nike offered $12 million annually with boot royalties, according to one person briefed on the discussions. Mbappe's team wanted $22 million guaranteed, closer to LeBron James and Cristiano Ronaldo territory. Nike walked. The company is currently renegotiating with Erling Haaland, whose deal expires in 2026, and faces similar dynamics with Jude Bellingham.
On gains more than a footballer. The brand's leadership, including co-founder David Allemann, views Mbappe as a culture bridge between performance running and global football, two audiences that rarely overlap in marketing spend. On plans a signature boot line launching in Q2 2025, built on the same CloudTec cushioning system that powers its Cloudmonster running shoe. Early prototypes shown to select retailers feature a carbon-plate chassis and a heel counter designed for Mbappe's sprint mechanics. The company is also negotiating with Real Madrid for in-stadium branding during select UEFA Champions League matches, a package worth an estimated $4 million annually if finalized.
The deal structure itself is worth noting. Mbappe receives equity in On—an unusual setup for football endorsements—giving him an estimated 0.3% stake vesting over four years. That mirrors the Federer arrangement, which turned the tennis star's 2019 investment into a $300 million paper gain by the time On went public. Mbappe's contract also includes a clause allowing him to approve all brand partnerships On signs with rival footballers, effectively giving him veto power over any Lionel Messi or Neymar approach.
Nike's portfolio reset continues. The company exited its $500 million annual apparel deal with the Brazilian national team in 2023, and its contract with the French Football Federation expires in 2026 with no renewal expected. Adidas has already approached the FFF with a $100 million annual offer. Meanwhile, On's Zurich design team is hiring its first dedicated football product lead, a role that didn't exist six months ago. Applications closed last week with 187 candidates.
Watch for On's boot reveal in April, likely timed to the Champions League quarterfinals. Also: Nike's Haaland renewal talks, which have stalled over similar money-versus-equity debates, and Real Madrid's kit sponsor Adidas, which now shares the Santiago Bernabéu pitch with a player wearing a competitor's boots—a visual tension that typically triggers renegotiation clauses. Mbappe's first match in On boots is expected October 5 against Lille.
The takeaway
On pays **$18M+** annually for Mbappe, its first football star; Nike's youth-pipeline model loses leverage as elite players demand equity, not just cash.
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