On Holding, a Swiss athletic shoe company, is expanding into the global football market by partnering with soccer star Kylian Mbappé, who leaves Nike after nearly 20 years. This marks On Holding’s first venture into football cleats and apparel, leveraging its CloudTec and LightSpray technologies. Despite Jefferies maintaining an “Underperform” rating on the stock, On Holding’s shares showed volatility, climbing up to 5% before a slight intraday drop. The company plans to launch its first football boots in 2027, signaling a major strategic shift to compete with established brands like Nike and Adidas.