On Holding (NYSE: ONON) Kicks Off Football Expansion with Kylian Mbappé Partnership

• On Holding (NYSE: ONON) is strategically entering the competitive global football market, leveraging its innovative technologies.
• The company secured a high-profile partnership with soccer star Kylian Mbappé, marking a significant shift from his long-standing association with Nike.
• Despite an "Underperform" rating from Jefferies, On Holding stock experienced volatility, including an initial climb, following the announcement of the Mbappé deal.

On Holding (NYSE: ONON) is a Swiss company primarily known for its performance running shoes. It operates in the competitive athletic footwear market against established brands like Nike, Adidas, and Puma. The company is now expanding its business by making a strategic entry into the global football market.

On September 18, 2026, the investment firm Jefferies reiterated its "Underperform" rating for On Holding. An "Underperform" rating means the firm expects the stock to do slightly worse than the overall market return. At the time of this rating, the stock price was recorded at $27.28.

This rating came as On Holding announced a major partnership with French soccer superstar Kylian Mbappé. This move marks the company's first venture into football cleats and apparel. The partnership involves Mbappé leaving his nearly two-decade-long association with Nike to join the Swiss brand.

The market reacted with volatility to the news. While some reports noted a 5% climb in On Holding's shares, the stock also saw an intraday decline of 0.73%. The stock price fluctuated between $27.02 and $28.36 during the day, with a daily trading volume of over 12.49 million shares.

As highlighted by the FT, On Holding plans to launch its first football boots in 2027. The company intends to use its CloudTec and LightSpray technologies to compete in the new sport. This expansion is a significant step for the company, which has a current market capitalization of approximately $9.26 billion.