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French soccer champion Kylian Mbappé has told CNBC he was ready for "change" after ending an almost 20-year association with Nike and entering a deal with Swiss sportswear brand On.
On, a new entrant in the soccer market, announced Friday that it will be working with Mbappé to design high-performance footwear and apparel. The French player, who has been associated with Nike since childhood, chose not to renew his deal with the sportswear giant.
On also announced that retired player and commentator Thierry Henry would join as its new director of football and FC Barcelona player Sydney Schertenleib would help develop and test its soccer apparel.
"Of course, I had 20 amazing years with Nike, I can only say thanks to them," Mbappé said in a joint interview alongside On's co-CEO David Alleman, with CNBC's Carolin Roth on Monday.
Mbappé on Nike: 'It was the time to change'
"But I think, as a person, as a player, it was the time to change... and after we started to talk, and after every discussion, I was a little bit more convinced about the fact that I have to be part of the family, I have to be part of the project, to be part of the journey with On and the football," he added.
"You need to feel at one with your shoes," Mbappé continued in the CNBC interview. "As a player, you need to feel a special connection with your boot, with the ball, with the pitch, with the evolution of the game. Now you play 60 games in a season. You train every day. The intensity is high. You need to feel comfortable in your shoes."
On was founded in 2010 and is known for its running and tennis apparel, which incorporates technologies such as CloudTec and LightSpray.
CloudTec is On's cushioned midsole technology for running, while LightSpray is a robotic manufacturing process in which a robot sprays a filament to create the shoe's performance upper.
On's Premium Playbook
On said it is expecting strong growth during the 2026 to 2029 period at its Investor Day on Tuesday, citing its "Premium Playbook," which is underpinned by plans to launch new products and lean into partnerships with athletes and other talent.
The group forecasts annual sales growth of around 17-19% a year to reach CHF 5.6 billion ($6.8 billion) by 2029. It said gross profit margin will be above 65% during the three years, with profit growing over 20% per year. It expects operating profitability to rise to at least 22% of sales by the end of the period.
"I always say that the reward is in the risk," On's Henry told CNBC about the risk of executing its new playbook. "We're not here to chase any trends. We're trying to be ourselves the way we like to do it, the way we see it, the way we thought about it with him [ Mbappé] and that's the main thing."
Highlights of the interview with Mbappé and On's co-CEO David Alleman will be broadcast on CNBC's "Squawkbox Europe" on Tuesday.
