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Dive Brief: - 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. Dive Insight: On is beefing up its roster as it prepares to do battle in one of the toughest areas in athletic apparel, long dominated by Nike and Adidas. Still, entering the space makes sense for On, and “the signing of Mbappé [is] a great way to start,” according to BMO Capital Markets analysts Kelly Crago and Owen Tunstill. “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,” they said in emailed comments Friday. On is likely to lean on lifestyle designs alongside performance gear, given its “very large focus on fashion” and the low margins on cleats and licensed fanwear, according to Evercore ISI analysts led by Michael Binetti. He also called out the challenge of breaking into a sport monopolized by Nike and Adidas, which he said is unlike the more fragmented running space where On has succeeded. Mbappé and Schertenleib kept the focus on the sport, though, with both saying in statements that they appreciate the opportunity to help On make its debut. “From the beginning, what drew me to On was the opportunity to build something entirely new together that will help shape tomorrow’s game,” Mbappé said. “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. We have a shared dream, and this is only the beginning.” For some analysts, attracting big names is only the warmup. These moves serve as evidence that On is having to spend big to get a chance in soccer, according to Jefferies analysts led by Randal Konik. 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.” “The challenge is that football consumers buy boots from brands with decades of performance credibility,” Jefferies said, adding that Nike, Adidas and Puma have a long track record of “building athlete ecosystems, club relationships and product legitimacy.” “Launching a football line is one thing; convincing players to switch equipment in a category where performance credibility drives purchase decisions is another,” they said. “If consumers do not view [On] as a performance football brand, premium-priced football footwear will struggle to gain traction.”
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