France and Real Madrid forward Kylian Mbappe has ended his nearly two-decade association with Nike and signed a new partnership with Swiss sportswear company On, in a deal that gives the French football star both cash and an equity stake in the company.

The move marks a significant change in the commercial relationship for the Real Madrid forward, who is not only becoming a global ambassador for On but will also work directly with its product teams as the brand prepares to enter football.

On announced the partnership on September 18, confirming that Mbappe will help develop and test its future football footwear and apparel. The company plans to launch its first football boots in 2027. The financial terms, including the amount of cash involved and the size of Mbappe’s equity stake, have not been disclosed.

According to a media report from French sports daily L’Équipe, the partnership is for 10 years and Mbappe becomes a shareholder in On. The company itself has confirmed the cash-and-equity structure but has not disclosed the value of the agreement.

What was Mbappe’s Nike deal worth?

Mbappe had been associated with Nike since he was nine years old. His contract with the US sportswear giant expired on July 31, ending a relationship that lasted almost 20 years.

The precise value of his Nike contract was not publicly disclosed. Media reports have put the value of his most recent agreement at around £13 million ($17.5 million) a year, although figures have varied between reports. City AM, for instance, reported the previous Nike contract at £13 million annually. That figure should therefore be treated as a reported estimate rather than an officially confirmed Nike payment.

How is the On partnership different?

The distinction goes beyond the change of logo on Mbappe’s boots. With Nike, Mbappe was an elite athlete ambassador for an established football business, with the company already selling football boots, apparel and other products globally.

With On, Mbappe is joining a brand as it builds its football business from the ground up. He will work with the company’s product teams on the design, development and testing of football products, giving the partnership a product-development element in addition to conventional endorsement.

On describes the arrangement as a partnership built around athlete insight, product innovation and design. The company says Mbappe will bring his experience from elite football into the development of its future footwear and apparel.

The first On football products are scheduled to reach consumers in 2027. The company says its football boots will use technologies including its LightSpray manufacturing process, while both laced and laceless versions are being tested.

Why is On entering football?

Football represents a major expansion opportunity for a company that built its reputation primarily in running and subsequently expanded into sports such as tennis.

On has been looking to broaden its business beyond running, while maintaining its premium positioning. Its move into football therefore puts it into direct competition with established giants such as Nike, Adidas and Puma. Reuters reported that analysts see football as a potential new revenue engine for On as growth in its traditional running business faces a more challenging environment.

The company has also recruited former France international Thierry Henry as its Director of Football. Henry has been working with On since late 2025 on its football entry and product approach.

Mbappe is not the only player involved in developing On’s football offering. The company says it has also been working with Switzerland international Sydney Schertenleib, alongside Mbappe and Henry, on its first football products.

Why does the equity matter?

The equity component makes the deal structurally different from a straightforward endorsement contract.

Instead of simply receiving an agreed fee for promoting On, Mbappe has a financial interest in the company. If On’s football expansion succeeds and the company’s value increases, his stake could potentially become more valuable. The reverse is also true.

The arrangement has similarities with On’s relationship with Roger Federer. The Swiss tennis great left Nike in 2018 and subsequently became an investor in On, while also developing products with the company. Federer has since become closely associated with the brand’s product and marketing strategy.

However, the size of Mbappe’s stake has not been disclosed, so it would be misleading to attach a monetary valuation to the equity portion at this stage.

What does the move mean for Nike?

Mbappe’s departure represents the loss of one of Nike’s most prominent football athletes after nearly 20 years.

The move also comes as competition for elite football talent intensifies. Nike has recently lost other high-profile athletes to rivals, including Spain’s Lamine Yamal, who moved to Adidas. Nike nevertheless retains major football partnerships, including with the French national team, while players such as Erling Haaland and Vinicius Junior remain associated with the brand.

For On, however, the significance is different. The company is not merely adding another star athlete to its existing football roster. Mbappe is being positioned at the centre of the company’s entry into one of the world’s biggest sports.