ONON
New deal, same old sneaker warfare
Kylian Mbappé choosing On Holding over Nike is the kind of headline that makes the sportswear aisle feel like a Marvel crossover. One of soccer’s biggest names is now on On’s side, which is a pretty loud signal that the Swiss upstart is still stealing momentum from the giants.
Why investors care
Endorsements aren’t just celebrity wallpaper. In a category where brand heat matters almost as much as product design, landing Mbappé can help On:
- boost awareness beyond its core running niche
- keep the “cool factor” narrative alive
- give investors another reason to believe it can keep taking share from bigger rivals
Nike, naturally, doesn’t love this. But for ONON holders, the story is simple: a top-tier athlete choosing the smaller brand makes the stock look a little more like a contender and a little less like a fad.
Big picture
This is less about one pair of shoes and more about the battle for who gets to own the next generation of sportswear loyalty. Big picture: if On keeps landing names like this, it’s not just selling sneakers — it’s buying relevance.