On Holding signs Kylian Mbappé for football market expansion

Swiss athletic brand On Holding has expanded into professional football by signing Real Madrid forward Kylian Mbappé. The deal, facilitated by Thierry Henry, positions the brand to compete directly with industry giants Nike and Adidas.

This partnership follows a strategic shift by Roger Federer, a co-owner of On, who moved away from traditional endorsement fees toward equity participation and brand co-creation. On reported approximately 3,000 million euros in net sales for the 2025 fiscal year, representing a 30 percent year-over-year growth.

As On enters the football market, questions have arisen regarding its pricing strategy. While the company has established a premium reputation in running and lifestyle sectors—with adult shoes often priced above 160 euros—the football market is heavily driven by youth players. This demographic presents a challenge for a brand that typically avoids lower-priced ‘takedown’ models, leading to speculation that On may need to introduce more affordable options to reach a broader consumer base.