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On Holding Shares Surge After Signing Kylian Mbappé, Entering Football Market
Shares of On Holding AG (ONON) surged more than 6% in pre-open trading after the Swiss performance sportswear company announced its entry into the global football market, headlined by the signing of superstar Kylian Mbappé.
Strategic Push into Football
On revealed that it has signed the Real Madrid striker and 2026 FIFA World Cup Golden Boot winner as a global brand ambassador and product development partner. The move is particularly significant as it follows the recent conclusion of Mbappé's 19-year sponsorship relationship with competitor Nike, making On the surprise beneficiary of one of the sport's most coveted endorsements.
To bolster the credibility of its new venture, the company also named French football legend Thierry Henry as its new Director of Football. According to the announcement, Henry has been working with On on its football strategy and product development since late 2025.
Market Reaction and Analyst Outlook
AdInvestors responded positively to the strategic pivot, sending the stock up 6.4% in pre-market trading. The rally marked a sharp rebound from a 52-week low of $26.37 that was touched just days prior. The news appeared to weigh on rivals, as both Nike and Adidas shares dipped in premarket trading, suggesting the market views On's move as a potential disruption.
Analyst sentiment provided an additional tailwind for the stock. BTIG named On its top pick in the consumer and lifestyle sector ahead of the company's upcoming investor day on September 22. Separately, Bank of America maintained its Buy rating on the stock, though it trimmed its price target to $43.
A New Playing Field
The foray into football marks a significant expansion for On, a brand that built its reputation primarily in the running, tennis, and outdoor categories. By securing one of the world's most recognizable athletes, the company is signaling a serious ambition to capture share in a massive new addressable market, prompting investors to reassess its long-term growth potential.
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