Real-Star Kylian Mbappé hat seine langjährige Partnerschaft mit Nike beendet und wechselt zum Schweizer Sportartikelhersteller On. The departure of one of football's most recognizable faces from the world's largest sports marketing machine highlights a turbulent period for the American sportswear giant, which is currently facing sliding revenues and falling stock values.
Two Decades With the Swoosh
The relationship between Mbappé and Nike began in 2006 when the French player was a nine-year-old prospect in the Paris suburb of Bondy. Nike secured an early agreement that eventually expanded to include signature models as his career advanced through AS Monaco, Paris Saint-Germain, Real Madrid, and the French national team, with whom he won the 2018 World Cup.
This partnership mirrored Nike’s historical strategy of building its brand identity around cultural heroes, a dynamic analyzed by sociologists Robert Goldman and Stephen Papson in their 1998 book Nike Culture: The Sign of the Swoosh. By aligning the brand with elite athletes such as Michael Jordan—who signed with Nike in 1984 and revolutionized athlete endorsements through the Air Jordan line—the company transformed athletic footwear into global fashion objects.
Nike Revenue Drops as Stock Price Plunges
Nike is facing mounting financial strain alongside the loss of its marquee football ambassador. In fiscal year 2025, company revenue dropped from $51.39 billion to $46.4 billion. The company’s stock has plunged nearly 80 percent from its 2021 peak, trading recently around $34.74 per share.
Analysts attribute the downturn to a combination of external economic pressures, including rising raw material costs and tariffs, alongside internal strategic missteps. Management previously pulled products from retailers like Foot Locker to prioritize direct-to-online sales, inadvertently clearing retail shelf space for competitors.
The Rise of Rival Competitors
As Nike grapples with excess inventory and heavy discounting, alternative brands have captured market share across multiple disciplines. Swiss running brand On, backed by investor Roger Federer, secured Mbappé despite not yet offering a football boot, with dedicated cleats slated for release in 2028.
Cultural Friction and Domestic Brands Erode Nike Dominance
Beyond retail competition, Nike has faced cultural friction in key markets. In the United States, conservative consumers reacted negatively to the company’s 2018 advertising campaign featuring former NFL quarterback Colin Kaepernick. In China, a shift toward domestic sportswear brands under the banner of “China Chic” has further eroded Nike’s traditional dominance.
With investors viewing high-profile roster departures like Mbappé’s as a sign of diminishing influence, and without an equivalent commercial figure to Michael Jordan on the horizon, Nike faces a sustained challenge to restore its market standing.
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