For more than a decade, Kylian Mbappé was the absolute incarnation of the Swoosh. Around its jewel, the American firm had built a formidable marketing machine which seemed unshakeable. However, behind the facade’s smiles, the building had been cracking for a long time. Consumed by wars of financial egos and profound strategic shifts, the partnership of the century ended up imploding in the greatest of secrets. The real divide dates back to March 31, 2023.
That day, the comma firm formalized the return of Erling Haaland. The Norwegian cyborg, free from any equipment supplier for fourteen months and courted by Puma with an astronomical offer, signs an XXL lease with Nike for 227 million euros over ten years (or 22.7 million euros per year). The problem? In its press release, the brand associates its new muse with Kylian Mbappé, while the Frenchman “only” receives 16.8 million euros annually. In the eyes of the Bondy native’s entourage, seeing Nike roll out the red carpet for a free agent like Haaland by offering him a contract superior to that of Kylian Mbappé, who has been the brand’s showcase for more than 10 years, was the straw that broke the camel’s back. According to our information, the break was therefore irreversible.
Nike’s aggressive strategy despite the crisis
Three years later, the American giant is faltering. The stock market fell by 50% in one year (falling below $36) and the 2026 financial year confirms a dramatic fall on the digital and Asian markets. Despite this area of turbulence, the Swoosh brand continues to take out the checkbook, but to offer itself to the new generation. In April 2026, Désiré Doué was recruited for almost 3 million euros per year. Better yet, the Parisian Nuno Mendes, historic figure of adidas, was seen at the beginning of September wearing the brand with the comma. A clear message sent to the captain of the Blues: the financial priority of the brand is now given to young gems rather than its 27-year-old star.
Faced with this downgrade, the Mbappé clan logically activated its networks. Big names like adidas, New Balance or Under Armor (which has equipped Achraf Hakimi since April 2025) were surveyed. From then on, the series was punctuated by a succession of revelations in the press: tense negotiations in December 2025, “never before seen” offers mentioned in spring 2026, until the appearance of a mystery brand ready to open its capital at the beginning of August. Such a sequence, in such a locked issue, says a lot about the state of the balance of power. With each outing, the pressure increases a notch on the contenders still in the running. And if, at the beginning of August, it was always necessary to remember that others were ready to pay, it was because the Swiss offer remained below expectations.
This is the argument that no one dares to shout from the rooftops: Kylian Mbappé no longer sells as much. After more than ten years of collaboration and twelve signature pairs, the running out of steam is real. According to our indiscretions, the last two exclusive models from Madrilenian were only sold with the help of successive markdowns. The latest edition launched this summer is even gathering dust on the shelves. For comparison, Vinicius Jr branded products are being snapped up at breakneck speed today. Worse still, requests for printing in the name of the former Parisian have dropped drastically in the stores of the French Football Federation.
The hardest part begins for Mbappé and On
However, the thread was never completely broken between the two parties. Initially scheduled to end at the end of June, the partnership between the native of Bondy and the Portland brand was extended by one month to cover the image issues linked to the 2026 World Cup. Negotiations even continued in the heart of summer, when the player was already officially free. Now ambassador and shareholder of the young Swiss brand On (where we find Roger Federer and Thierry Henry), the Bondynois is embarking on a colossal challenge. He will not wear any technical crampons from the brand before 2027. And the terrain on which We arrive is one of the most restricted in sport. During the last World Cup, Nike and Adidas between them supplied shoes for more than 80% of the players, leaving the crumbs to Puma and niche brands.
Jefferies analysts dampened enthusiasm from the announcement, recalling the failure of Under Armor with Stephen Curry: an extraordinary athlete was never enough to establish a brand at the top of its sport. The crampon sells itself on decades of technical credibility, not a face. Roger Federer needed eight years to make On a tennis benchmark. There remains the most difficult obstacle to overcome, and it has nothing financial. After years of marketing hype, collections dedicated to Bondy, twelve pairs in his name: such a label cannot be removed from a press release. Whatever brand he wears, and he won’t wear any before 2027, Kylian Mbappé will remain, in the collective imagination, a Nike athlete for a long time.
