Soccer Star Mbappé Leaves Nike to Sign With On

Watch on YouTube ↗  |  September 18, 2026 at 16:08  |  3:20  |  Bloomberg Markets
Speakers
Randall Williams — Sports Business Reporter, Bloomberg

Summary

Bloomberg senior sports reporter Randall Williams discusses Kylian Mbappé's 10-year deal to leave Nike and sign with On. The segment frames the move as a major statement by On as it challenges Nike and Adidas in football, and it questions whether Nike is losing its edge with prime athletes and becoming overstretched. Williams also notes On's expansion beyond running into tennis and football and sees the bet potentially paying off if Mbappé performs in future tournaments.

  • Kylian Mbappé is leaving Nike to sign a reported 10-year deal with On.
  • On shares rose on the news, and the deal is seen as a bold challenge to Nike and Adidas in football.
  • Randall Williams says losing Mbappé in his prime is a remarkable blow for Nike.
  • The discussion questions whether Nike is oversaturated and can meet the needs of its star athletes.
  • On's prior move into tennis with Roger Federer is cited as a template for its football expansion.
  • Mbappé's equity stake means he is betting on On's long-term durability.
  • Williams sees potential payoff for On if Mbappé succeeds in the Euros and World Cup.
Ideas
Randall Williams Sports Business Reporter, Bloomberg 0:22
On's Mbappé deal expands football ambition
Randall Williams argues that On's signing of Kylian Mbappé in his prime is an impact statement and a major bet that On can expand beyond running into football/soccer, following its successful entry into tennis with Roger Federer. The deal includes equity, aligning Mbappé with On's long-term trajectory, and he believes On can survive and live long after his playing career. When Mbappé plays in the Euros and World Cup, On will gain visibility, and if he wins, the bet could pay off.
ON HIGH
Randall Williams Sports Business Reporter, Bloomberg 0:54
Nike risks losing top-athlete appeal
Randall Williams says Mbappé leaving Nike in his prime is a remarkable blow and raises doubts about whether star athletes still see Nike as the best business partner as their fame grows. He also questions whether Nike is oversaturated with too many athletes and lacks the resources to give everyone what they need, which could weaken its position in soccer and brand appeal.
NKE MED
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This Bloomberg Markets video, published September 18, 2026, features Randall Williams discussing ON, NKE. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Randall Williams  · Tickers: ON, NKE