Swiss sportswear brand On Holding has signed French footballer Kylian Mbappé, who previously worked with Nike. On September 18, Channel NewsAsia reported, citing Reuters. The company announced the deal amid its entry into the football market.
Plans for football footwear
On plans to release its first football boots in 2027. The report does not specify the terms of the contract with Mbappé or its duration.
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Reuters notes that On and other newer brands have been taking market share from Nike. The agency describes Nike as a company going through a difficult period.
Market reaction
After the announcement of Mbappé’s signing, On shares traded in the United States rose 5% in premarket trading. Nike did not immediately comment in response to a Reuters request.
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