Kylian Mbappé joins On in a high-stakes bid to disrupt the global soccer footwear market

The landscape of professional soccer footwear, a category long defined by the entrenched dominance of Nike and Adidas, faces a significant shift following the announcement on September 18, 2026, that global superstar Kylian Mbappé has partnered with the Swiss athletic brand On. This strategic collaboration marks a pivotal moment for On, a company that has successfully navigated the competitive running shoe sector but now enters the historically impenetrable market of elite-level soccer cleats and performance gear.

For On, the signing of Mbappé is not merely a marketing maneuver; it represents an existential pivot toward a sport that demands high-performance credibility, extensive supply chain infrastructure, and deep-rooted relationships with global football clubs. As the brand seeks to transition from a running-centric performance company to a comprehensive athletic powerhouse, the challenge lies in translating its Swiss-engineered reputation into the high-octane world of professional football.

A History of Market Dominance and Disruption

To understand the magnitude of this move, one must examine the duopoly that has governed the soccer equipment industry for decades. Since the mid-20th century, the global market for soccer boots has been dominated by Nike and Adidas, with Puma maintaining a significant, albeit smaller, presence. These companies have spent billions of dollars on "athlete ecosystems," which include long-term contracts with individual players, sponsorships of elite leagues such as the English Premier League and the UEFA Champions League, and extensive technical research facilities dedicated to biomechanics.

The barriers to entry in this space are exceptionally high. Unlike the running shoe market, where technology-driven cushioning and style often drive consumer preference, the soccer boot category is heavily influenced by professional validation. Amateur players, who comprise the vast majority of the market, typically select footwear based on the gear worn by their idols on the pitch. By securing Mbappé—a player whose influence spans generations and continents—On is attempting to bypass the decades of brand building that their competitors enjoyed.

Chronology of On’s Strategic Expansion

On’s ascent to this point has been a calculated, multi-year process. Founded in 2010 by former professional athlete Olivier Bernhard and his partners, the company initially focused on the "CloudTec" cushioning system, which revolutionized the marathon and casual running segments.

• 2010–2015: On establishes a beachhead in the running community, gaining a cult following among professional triathletes and long-distance runners.
• 2016–2020: The company begins a rapid global expansion, entering the lifestyle fashion market. During this period, On’s valuation surges, supported by a successful initial public offering and a growing presence in major retail outlets globally.
• 2021–2025: On increases its investment in research and development, specifically targeting multi-sport capabilities. It begins signing high-profile athletes across various disciplines to diversify its portfolio beyond endurance sports.
• September 2026: The official announcement of the partnership with Kylian Mbappé marks the formal entry into the professional soccer equipment sector.

The Financial and Market Implications

Analysts from BMO Capital Markets, including Kelly Crago and Owen Tunstill, have characterized the signing of Mbappé as a "great way to start" a difficult transition. However, the financial reality of the soccer market is stark. While the running shoe segment is highly fragmented and innovation-focused, the football segment relies on low-margin, high-volume sales of cleats, combined with the complexities of managing licensed fanwear.

Evercore ISI analysts, led by Michael Binetti, have noted that On will likely adopt a hybrid strategy. They anticipate the brand will leverage its strong fashion-forward identity to sell lifestyle footwear, while simultaneously investing in the high-performance engineering required for professional-grade boots. The risk, according to Binetti, is that consumers may view On as a "fashion-first" brand, potentially alienating the performance-focused demographics that Nike and Adidas currently control.

Furthermore, industry observers often point to the "Steph Curry/Under Armour" comparison. When Under Armour signed NBA superstar Stephen Curry, the brand enjoyed a massive spike in visibility and market share. However, Under Armour ultimately struggled to sustain that momentum as a dominant force in professional basketball footwear, largely due to the difficulty of scaling their technical performance output to match the legacy of established players like Nike’s Jordan Brand. Jefferies analysts, led by Randal Konik, have cautioned that simply signing a marquee name does not guarantee long-term market share if the product fails to meet the rigorous demands of professional athletes.

Official Statements and Brand Vision

The narrative provided by the company and the athlete focuses on a shared vision for innovation. In a statement released on Friday, Kylian Mbappé emphasized that his involvement goes beyond a standard endorsement contract.

"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 stated. "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."

Marc Maurer, co-CEO of On, has previously hinted at the company’s desire to challenge the status quo, noting that the brand’s culture is rooted in questioning established performance standards. By integrating Mbappé into the design process, On aims to create a feedback loop between the world’s most elite player and their engineering team in Zurich, hoping to create a "performance-first" credibility that can compete with the deep heritage of its rivals.

The Road Ahead: Challenges and Opportunities

The path for On is fraught with obstacles that extend beyond product design. To gain significant market share, the company must build a distribution network that reaches local soccer specialty stores and team retailers—sectors where Nike and Adidas have decades-long, exclusive relationships.

Moreover, the "performance credibility" mentioned by Jefferies is the primary hurdle. Footballers are notoriously loyal to their equipment, as the fit and feel of a cleat directly correlate to their performance on the pitch. If On’s boots do not immediately perform at a level equal to or better than the market leaders, the brand risks being relegated to a secondary status among professional athletes.

However, the shift toward a more modern, design-conscious aesthetic in sports apparel may favor On. Younger demographics, particularly Gen Z, are increasingly drawn to brands that blend high-performance technology with streetwear sensibilities—a space where On has already demonstrated exceptional proficiency. If the brand can successfully marry the performance needs of a top-tier athlete like Mbappé with the aesthetic preferences of the modern consumer, it may find a "blue ocean" strategy that sidesteps the direct, head-to-head combat with Nike and Adidas.

As of September 2026, the industry is watching closely. The partnership is not just a test of On’s ability to manufacture a boot; it is a test of whether a modern, agile, and design-centric brand can dismantle the century-old barriers that have kept the soccer footwear market under the control of a few select corporate giants. Whether this move leads to a permanent shift in market dynamics or remains a high-profile, isolated experiment will likely be determined by the performance of the first generation of On-branded soccer equipment in the coming professional seasons.