What happened: Kylian Mbappé has ended his long Nike partnership and signed with Swiss brand On as the company expands into football. The agreement makes Mbappé both an ambassador and a shareholder, while Thierry Henry takes over as On's director of football.

Why it matters: The switch gives On its biggest football name yet and links its boot launch to Mbappé's global profile with France. It also extends the company's athlete-investor model, with Roger Federer already part of the brand's shareholder group.

What to watch: Watch for On's first football boot rollout and how prominently Mbappé features in campaigns ahead of the 2026 season. Any additional football signings would show whether the company is building a broader roster around him.