Kylian Mbappé joins On as Nike pivots strategy

The transition follows the expiration of Mbappé’s contract with Nike in July. Insiders suggest Nike opted against a renewal, concluding that the brand had already extracted maximum value from the player’s peak years. With Mbappé turning 31 by the 2030 World Cup, Nike is redirecting its capital toward other initiatives as CEO Elliott Hill attempts to revitalize the company’s market position.

Alongside the Mbappé signing, On has appointed retired French icon Thierry Henry as its new director of football. For Nike, the loss of one of the sport's biggest names arrives during a volatile period. The sportswear giant faces mounting pressure from sluggish global sales and a 50% decline in stock value over the past year, with persistent performance challenges in the Chinese market forcing a complete rethink of its athlete roster and product innovation strategy.