A Nike athlete breaks ties after two decades to join ON for equity and partnership stakes. Sound familiar?

In 2019, the Swiss brand got Roger Federer on board using this tactic, and it seems the company has used the same blueprint to snag French soccer star Kylian Mbappé from his £14 million annual contract with Nike. And this understandably did not sit well with some fans.

Mbappé entered into a long-term association with the brand, with the French player likely to stay with the company until his retirement. However, one can understand the Frenchman’s motivations for pursuing the ON deal, which has reportedly offered him a stake in the company, along with profit shares, while including direct monetary compensation as well in terms of trophy bonuses.

ON used the same revolutionary move with Federer back in 2019 as well, as the Swiss Maestro was almost on the outs with Nike. Instead of offering a direct cash deal, the company offered a 3% stake to the Swiss, which was valued at almost $300 million when the company finished its first trading day on the stock exchange after going public in 2021.

Apart from the equity stakes, other aspects of the ON deal interested both Federer and Mbappe. After the Nike exit, Federer had his apparel sponsor, Uniqlo, ready, but needed a different direction for his shoes. This is where ON came in handy, as they allowed the twenty-time Major champion to have a say in the design input of the shoes and created a whole shoeline around Federer, naming it the “Roger” Line.

While the exact details of the Mbappe deal are yet to be disclosed, the Frenchman is rumored to have a similar line of shoes built around him, with ON giving him full creative control. Another key aspect of the ON deals was the longevity and broader approach that the brand offered. While Nike offered athletes lucrative short-term gains, ON offered the likes of Federer and Mbappe the chance to have a broader cultural imprint with their shoes.

While Mbappe’s deal is speculated to be a 10-year deal, Federer did not have much of a playing career after signing the ON deal in 2019. The Swiss played only a handful of events before retiring in 2022, but the company was eager to enter into a partnership with the Swiss player to celebrate the former World No.1’s life in retirement rather than his on-court days.

From a financial perspective, a long-term deal with ON benefits both Federer and Mbappe, with both athletes earning far more than they did or will in their playing days. However, a decision backed by money did not sit well with fans, who had their own opinions on Mbappe joining ON.

Fans Had Their Say on Kylian Mbappé Joining Roger Federer Brand

While the decision to take Mbappé on board was a collective corporate decision by ON, few fans attributed the move directly to Federer, who is also the company’s brand ambassador. “Poor bet by Roger, with that unpleasant guy,” said one fan.

Another fan pointed out the huge sums of money involved, saying, “What a drag with the money, just money.”

While there were some fans who had a blunt take on the French football star. “A bad influence Mbappé, but oh well. Among millionaires, they get each other,” said the fan.

Novak Djokovic fans were not far from the discussion, with one of them saying, “I was always Team Nole. This makes me see that I was on the right side.”

As for the company, ON has suffered short-term losses over the last couple of months, and the stock price is currently trending downward. With shares in the company, Federer’s holdings also fell by more than $50 million, which saw the Swiss move out of the billionaire club for the moment. Now that Mbappé has signed on, one fan on social media pointed out the downward trend in ON stock.

“As for the ON shares, media outlets wrote recently: Sep 2, 2026: “On Holding stock has fallen sharply year to date…The stock is down 40.9% year to date…” September 17, 2026: “On Holding Stock Falls 30% in Three Months …,” said the fan.

Despite recent downward trends, ON is still valued in the billions, and given the star power of Mbappé and Federer, the company is expected to grow substantially over the next few years.