Mbappé leaves Nike for On

The 27-year-old soccer superstar signed with Swiss sportswear company On after Nike chose not to renew his contract when it expired in July.

Nike redirects endorsement spending

Nike decided to use its endorsement money elsewhere, feeling it had benefitted from Mbappé's prime years. The move reflects the company's broader turnaround efforts.

Nike struggles under new leadership

CEO Elliott Hill is working to rebuild brand loyalty and innovation as Nike's stock has fallen about 50% in the past year, with particular weakness in China.

On's first football signing

On also named retired French star Thierry Henry as director of football, marking the brand's major push beyond its core running business into soccer.

Mbappé's historic soccer record

The Real Madrid star is the all-time leading scorer for Paris Saint-Germain, the French national team, and the FIFA World Cup, which he won with France in 2018.

On promises fresh innovation

Mbappé said he was drawn to On by the chance to build something entirely new and push what's possible through innovation in football.

“I want to bring my experience and perspective into what we create, push what's possible through innovation, and always stay true to the joy of football.”

Analysts warn of costly gamble

Jefferies cautioned that football is one of the most expensive categories to enter and that performance credibility cannot simply be bought with a star athlete.

“Performance credibility cannot simply be bought.”