Kylian Mbappé terminated his partnership with Nike and signed a multi-year endorsement contract with On Running, the Swiss performance brand that went public at a $6.6 billion valuation in September 2021. Financial terms were not disclosed, but three people briefed on the structure say the deal includes equity and board observation rights—categories Nike removed from its standard athlete template after 2019.
Mbappé had been with Nike since age 13, wearing the Mercurial boot line through youth academies at Monaco, four years at Paris Saint-Germain, and his first season at Real Madrid. The partnership generated an estimated $8-12 million annually in cash and product, according to two endorsement advisors who have seen comparable deals. On's offer is understood to include a lower annual guarantee but a meaningful equity position in a company now trading at roughly $11 billion market cap, up 67% since IPO. The brand's running shoes retail at $170-$200, positioned between Nike's mass-market Air and Hoka's premium trail franchise.
The move reflects a structural shift in how Tier 1 athletes evaluate endorsement economics. Since 2020, at least 14 marquee athlete deals have included equity components—Stephen Curry with Under Armour, Naomi Osaka with Bodyarmor (pre-Coca-Cola acquisition), and Tom Brady with Autograph (digital collectibles). Nike, which once granted equity to Michael Jordan and later Tiger Woods, has not offered stock or options in a new athlete contract since discontinuing the practice after its 2019 strategy review. The company's endorsement budget totaled $4.1 billion in fiscal 2025, but the allocation shifted toward team deals and federation partnerships rather than individual signature lines.
On generates $2.3 billion in annual revenue, roughly 6% of Nike's $51.4 billion, but its growth rate is faster: 28% year-over-year versus Nike's 1% in the most recent quarter. The brand has 12 million active customers, concentrated in running and tennis, and has begun expanding into soccer with a performance cleat expected to launch in Q2 2027. Mbappé will be the anchor athlete for that line. His deal includes collaboration on product design and marketing strategy, similar to the governance role Zendaya holds at On's lifestyle division. He wore an unreleased On prototype during Real Madrid's 3-1 win over Atlético last Saturday, confirming the switch before the formal announcement.
Nike's stock fell 2.1% in after-hours trading following the news, erasing roughly $3.2 billion in market value. Analysts at Jefferies noted the company has lost four Tier 1 global athletes in 18 months—Mbappé, Sha'Carri Richardson (signed with Puma), Caitlin Clark (moved to Adidas), and Carlos Alcaraz (left for New Balance). The cumulative social reach of those athletes exceeds 320 million followers. Meanwhile, On's stock climbed 4.8% in pre-market European trading, adding roughly $530 million in market cap before U.S. markets opened.
The timing matters for On's U.S. retail expansion. The company operates 68 branded stores globally and plans to open 22 in North America by end of 2027, targeting cities where Nike has reduced door count. Mbappé's deal gives On a credible entry into soccer, a category where it has no heritage but where Nike controls an estimated 37% of the global cleat market. The brand will launch a Mbappé-led campaign during the 2026 World Cup, six months before its soccer boot goes to market. Two retail buyers said they expect On to secure premium shelf space at Foot Locker and Dick's Sporting Goods on the strength of the signing, a placement advantage worth approximately $18-25 million in incremental distribution.
Nike's response has been procedural. The company issued a statement thanking Mbappé for two decades and wished him well. Internally, three people say the brand is accelerating conversations with 19-year-old Brazilian forward Endrick, who joined Real Madrid this summer, and Lamine Yamal, the 17-year-old Barcelona winger. Both are currently unaffiliated with major sportswear brands. Nike's soccer division, which generates $4.8 billion annually, remains the largest in the industry, but its flagship athletes skew older—Cristiano Ronaldo is 41, and the next generation of stars has been harder to lock long-term.
Watch the Q2 2027 cleat launch. On has hired 11 footwear engineers from Adidas and Nike since January, and the Mbappé boot is expected to retail at $240-270, above Nike's Mercurial Superfly ($230) but below the custom-tier Air Zoom Mercurial. If the product lands and Mbappé stays healthy, On will have built a credible soccer franchise in under 24 months. If it doesn't, the equity he holds will matter less than the annual guarantee he gave up. Either way, the deal resets the ceiling for what a non-Nike athlete partnership can look like when the offer includes ownership, not just a check.
The takeaway
Mbappé's switch to On Running confirms equity upside now outweighs Nike's cash guarantees for Tier 1 athletes who can wait.
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