On confirmed the signing and said the French captain will join the brand as it prepares to launch its first football boots in 2027. The company also named former French international Thierry Henry as its director of football.
Shares of On, which is listed on the U.S. market, rose roughly 5 % in pre‑market trading after the announcement.
Founded with backing from tennis legend Roger Federer, On has been seeking growth in the Americas, a region that accounts for more than half of its revenue. The company has focused on full‑price sales but has faced challenges this year amid uneven consumer spending in the area.
Nike issued a statement saying it was “proud of what we achieved together on and off the pitch” and wished Mbappé continued success in the next phase of his career.
Mbappé’s departure ends a partnership that began in 2006 and comes shortly after Nike lost Spanish World Cup winner Lamine Yamal to Adidas, highlighting recent shifts in football footwear endorsements.