Investing.com -- On Holding AG (NYSE: ONON) has signed French superstar Kylian Mbappé as a global ambassador and product development partner, marking the Swiss sportswear company’s official entry into the global football market.

The move represents a direct challenge to the longstanding dominance of Nike Inc (NYSE: NKE) and Adidas AG (OTC: ADDYY), sending On Holding’s shares up 5.6% in premarket trading on Friday while Nike and Adidas dipped 0.8% and 1%, respectively. Mbappé, the 27-year-old Real Madrid striker and World Cup record goal scorer, leaves his previous endorsement deal with Nike to help On develop footwear and apparel using its proprietary LightSpray manufacturing technology.

To support its expansion into the sport, On also announced that French football legend Thierry Henry has joined the company as Director of Football, having worked behind the scenes on product strategy since late 2025. Additionally, Swiss international and FC Barcelona player Sydney Schertenleib has expanded her existing ambassador role with the brand to assist in developing products tailored for the women's game.

The aggressive category expansion highlights On's broader strategy to leverage its Swiss engineering origin and premium brand equity beyond running into high-volume global sports markets. By pairing marquee athlete endorsements with distinct manufacturing technology, the challenger brand aims to carve out high-margin market share from incumbent legacy leaders.