Swiss brand On signs Mbappé for soccer entry
On announced Friday that it has signed soccer superstar Kylian Mbappé, signaling the Swiss sneaker brand’s entry into the sport. Mbappé joins FC Barcelona and Swiss national team women’s star Sydney Schertenleib, who joined On last year as an ambassador, to work on product development and testing. Thierry Henry, the company’s director of football, has also been named to the roster.
Big names in a crowded field
The move comes as athletic apparel companies fight for market share in soccer, a category long dominated by Nike and Adidas. On is building its roster as it prepares to compete in this tough environment. Analysts at BMO Capital Markets view the signing of Mbappé as a strong start for the brand.
“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,” said analysts Kelly Crago and Owen Tunstill.
On likely plans to focus 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 noted that breaking into a sport monopolized by Nike and Adidas presents a challenge unlike the more fragmented running space where On has succeeded.
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Performance credibility matters
Attracting big names is only the first step for On. Jefferies analysts led by Randal Konik noted that these moves serve as evidence that On is spending heavily to gain a foothold in soccer. Yet signing Mbappé does not guarantee success, they said, comparing it to Under Armour’s partnership with Steph Curry.
“The challenge is that football consumers buy boots from brands with decades of performance credibility,” Jefferies stated. 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,” the analysts added. If consumers do not view On as a performance football brand, premium-priced football footwear will struggle to gain traction.
