On signs Kylian Mbappé as it launches into soccer

On announced Friday that it has signed soccer superstar Kylian Mbappé, marking the brand’s entry into the sport. Mbappé, who signed with Nike as a child at the start of his career, will help On build its first football line.

Sydney Schertenleib, who joined On last year as an ambassador, will now also work on product development and testing for the new football line. Soccer pundit Thierry Henry, who has worked with On since 2025, has been named the company’s director of football. On plans to lean on lifestyle designs alongside performance gear, given its large focus on fashion, according to Evercore ISI analysts. Jefferies analysts warned that signing Mbappé is no guarantee of success, noting that football consumers tend to buy boots from brands with decades of performance credibility.

Other smaller players like Skechers and New Balance have tried to break into the category with smaller, less splashy endorsements, but have yet to move the needle from a market share standpoint, according to BMO Capital Markets analysts Kelly Crago and Owen Tunstill. On is likely to lean on lifestyle designs alongside performance gear, given its large focus on fashion and the low margins on cleats and licensed fanwear, according to Evercore ISI analysts led by Michael Binetti.

What we know

Swiss sneaker brand On has signed soccer superstar Kylian Mbappé, the company announced Friday.
Mbappé signed with Nike as a child, at the start of his career, and the move marks On’s entry into the sport.
FC Barcelona and Swiss national team women’s star Sydney Schertenleib, who joined On last year as an ambassador, will now also work on product development and testing.
Soccer pundit Thierry Henry, who has worked with On since 2025, has been named the company’s director of football.
Yet signing Mbappé is no guarantee, they said, comparing it to Under Armour’s Steph Curry partnership, “a star athlete who failed to establish the brand as a dominant player in the sport.”