International soccer star Mbappé leaves Nike for On

Kylian Mbappé signed a 10-year partnership agreement with On, an upstart challenger in the world of soccer gear, per Bloomberg. On welcomes the French superstar after he spent nearly two decades with Nike (which told CNBC that they broke up with him, not the other way around).

Mbappé, 27, joined Nike when he was 9 years old, which makes you wonder why you weren’t maximizing your earnings potential in elementary school. But now, the youngster involved is On’s soccer line: The company expects to have its inaugural soccer footwear for men and women on the market in 2027, per The Athletic.

Terms of Mbappé’s new deal were not disclosed, but The Athletic reports that the all-time leader in World Cup goals will receive equity in the company. He’ll also work with the Swiss brand to develop boots via its Lightspray technology, in which a robot sprays filament onto a sole to create a seamless shoe. On also signed Swiss teenage star Sydney Schertenleib last December.

Another Nike defection: Spain’s soccer wunderkind Lamine Yamal, 19, left Nike for Adidas this summer, citing Nike’s crowded cast of superstars as a reason for the departure.

A goal for investors? Shares of On (−0.3%) and Nike (−2.3%) both slid yesterday. Nike’s stock is down 44% in 2026. On is scheduled to have an investor day on Tuesday, where it will lay out its revenue projections for the next few years.—DL