A trio of elite names, set to shake up the technical sponsorship market. Roger Federer, Thierry Henry and Kylian Mbappé: the trio behind On’s move into football. The Swiss sportswear brand originally made its name in running. Then King Roger opened the door to tennis. Now, seven years later, comes an ambitious move into football, taking on the established brands in much the same way as before: with a wildcard capable of shifting the commercial balance, from the grass at Wimbledon to the Bernabéu. And the Real Madrid forward, under the wing of his idol Titi, looks like the right man at the right moment.
The first significant development, especially in the technical sponsorship market, is that Mbappé has ended an 18-year relationship with Nike, having become one of the American brand’s leading faces along the way. The reasons for the split are unknown, but in Spain they say Henry may have played a key role, approaching Kylian at just the right moment and tempting him into a new adventure: the former Arsenal legend has just been appointed head of On’s newly created football division. His first mission was to bring on board one of the game’s biggest stars, a player who has always idolised him.
So where does Federer come in? Let’s rewind a little. Roger has always been passionate about football and, during his extraordinary career at the top of the ATP Tour — before, that is, reinventing himself as a successful entrepreneur — he first met Henry through an advertising campaign. From there, the two developed a genuine friendship, and that friendship eventually extended into business, too. It was 2019 when Federer, like Mbappé today, decided to leave Nike — or rather, as his agent explained at the time: “Nike had left him.” Soon afterwards, the tennis player became a shareholder and co-founder of On Holding. The company had started out in running and, with Federer as its leading ambassador, later expanded into tennis too.
In the years since, it has grown rapidly, carving out a significant share of the market and launching footwear and clothing lines for the sport. Today, the likes of Iga Swiatek, Ben Shelton, João Fonseca and Flavio Cobolli all wear On. In 2025, the brand generated around €3 billion in revenue, up 30 per cent on the previous year. A sizeable business, then, to put behind something bigger and more complex: football, following the same formula that worked in tennis. The formula is simple: technical know-how combined with an instantly recognisable ambassador who is also an investor. Federer makes sure Henry has a key role within the company, helping bring Mbappé on board. The challenge is on again.