On poaches Kylian Mbappé from Nike in push into football

The Swiss footwear brand On has announced it will expand into football and has poached Kylian Mbappé from Nike.

The departure of Mbappé is another blow for Nike, with shares in the American company down 50 per cent over the past year. Nike has had a sponsorship deal with Mbappé since the French footballer was a child.

On, which is backed by Roger Federer, is one of a collection of new competitors that have taken market share from Nike in footwear and sports. It was founded by Olivier Bernhard, an Ironman competitor, alongside David Allemann and Caspar Coppetti in 2010 and caught the attention of Federer, a fellow Swiss, who became an investor.

On initially focused on running shoes but has gradually expanded into other sports and will now target football. It has also signed up Thierry Henry as its director of football.

Allemann, who is also the co-chief executive, said: “Football doesn’t need another sportswear brand to do more of the same. Football needs new ideas and a challenge to what is possible.

“When we enter a sport, we want to be the brand of the future – through true innovation and contemporary design. Our ambition is to bring On’s approach to the pitch, the pavement, and the runway – connecting elite performance with the culture that surrounds the game. With Kylian we have the perfect partner to dream what football can become.”

Shares in On rose more than 5 per cent in pre-market trading in New York, where it is listed, valuing the company at around $9 billion. Shares in Nike were down 1 per cent.

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