On Holding Signs Kylian Mbappé to Challenge Nike and Adidas
Swiss sportswear company On Holding (ONON) signed World Cup champion Kylian Mbappé, ending his seven-year contract with Nike. The move is seen as a direct challenge to Nike (NKE) and Adidas (ADS.DE), who dominate the soccer apparel market. Analysts suggest this partnership could be a positive catalyst for On's stock despite its current struggles in a tough retail environment. On also announced that Thierry Henry, former Arsenal striker, will serve as director of football following his work with the brand since 2025. The company has expanded into multiple sports categories and recently launched new products like Cloudboom Strike 2 at an event in Paris. Despite these efforts, On's market cap remains significantly smaller than Nike’s. Nike shares fell slightly after news broke about Mbappé switching brands. Analysts remain divided on whether this move will shift the balance of power or if it is too early to tell its impact.
