Kylian Mbappé leaves Nike to join Swiss sportswear giant On

Watch on YouTube ↗  |  September 18, 2026 at 16:52  |  3:39  |  CNBC
Speakers
David Faber — Anchor, Squawk on the Street / Media Analyst
Andrew Ross Sorkin — Co-Anchor, Squawk Box
Joe Kernen — Co-Anchor, Squawk Box
Becky Quick — Co-Anchor, Squawk Box

Summary

CNBC's Squawk Box covers Kylian Mbappé ending his Nike partnership and signing with On, where he will lead its soccer push; On is also adding Thierry Henry as director of football. The panel debates what the move says about Nike's brand momentum under CEO Elliott Hill and whether On's athlete-led soccer strategy can succeed. Nike's falling stock, board changes, and Dow-removal rumors are also discussed, while Jefferies is noted as negative on On.

  • Kylian Mbappé ends his long-term Nike deal and signs with On.
  • On also adds Thierry Henry as director of football.
  • Nike issues a statement praising Mbappé and wishing him success.
  • CNBC reports Nike let Mbappé go rather than On stealing him.
  • Panelists discuss Nike's cool-factor and youth-resonance challenges.
  • Nike's falling stock and potential Dow removal are mentioned.
  • Jefferies is negative on On, comparing the deal to Under Armour's Steph Curry signing.
Ideas
David Faber Anchor, Squawk on the Street / Media Analyst 2:14
Nike cool factor is weakening.
Nike's loss of Mbappé is indicative of broader challenges since Elliott Hill took over: the brand's cool factor and ability to resonate with young kids are weakening. Although analysts cite Nike's scale, supply chain, geographic footprint, R&D, and designers, this business is increasingly driven by what is cool, and Nike's falling stock and board criticism add to a difficult turnaround.
NKE HIGH
Andrew Ross Sorkin Co-Anchor, Squawk Box 3:13
On's Mbappé bet needs proof.
On's signing of Mbappé to lead its soccer push raises the question of whether it is bullish. On is betting on one big athlete while Nike can rely on a broad roster, and Jefferies is negative on On, comparing the deal to Under Armour's Steph Curry signing, which did not work well. This makes On a developing, riskier endorsement-driven story to monitor.
ON MED
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This CNBC video, published September 18, 2026, features David Faber, Andrew Ross Sorkin discussing NKE, ON. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: David Faber, Andrew Ross Sorkin  · Tickers: NKE, ON