Nike and Adidas’s football duopoly cracks as Kylian Mbappé signs decade deal with ON | OneFootball

On 14 July 2026, Spain faced France in a World Cup semi-final. Before kick-off Kylian Mbappé laced up Nike boots. France lost, and Spain later won the tournament. Months later came another setback for Nike as Mbappé agreed a decade-long deal with ON.

ON announced the agreement last week. Mbappé is set to earn about 200 million euros over 10 years and take equity, with Thierry Henry central to the move. According to L’Équipe, the package is around 20 million a year.

New challengers are edging into a football boots market worth $29,410 million in 2025, projected to reach $38,340 million by 2030. Even so, Nike and Adidas remain influential and Nike will sponsor Germany’s national team from 2027, ending a link with Adidas dating to 1954.

Both giants have struggled on the markets since 2020. Nike’s share price has fallen 64%, from $101 to $36, and Adidas is down 53%, from €309 to €143.

After a digital boom in 2020-21, Nike hit a supply chain crunch in September 2021 that hurt Christmas targets. In June 2024 it warned of lower sales next year, shares fell 20% in a day, Elliott Hill replaced John Donahoe as CEO, and fiscal 2026 revenue was flat. Since 2020 about $200 billion in value has gone.

Adidas’s slide followed its 2022 split with Yeezy after Kanye West’s antisemitic remarks, a move expected to cut up to €250 million from 2022 net profit. Months later Bjorn Gulden took charge and about a year on profit rose from €60 million to €336 million. In January this year the brand posted record sales and returned to growth.

Source: Superdeporte

“Artificial intelligence was used to assist in creating this article based on reporting from the original source quoted.”