Soccer Star Mbappé Chooses on Holding over Nike, Sending Stocks in Opposite Directions

Dow Jones

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One of the biggest sports stars in the world has decided to ditch Nike for On Holding. The move sent the two stocks in different directions on Friday.

Kylian Mbappé, of Real Madrid and the French national football team, has joined On Holding, the Swiss footwear and sports apparel company, as the face of its entry into the soccer market. The move also marks Mbappé's decision to leave Nike after 20 years.

On Holding stock advanced 4.8% to $28.64 in premarket trading on Friday while shares of Nike declined 1% to $36.36.

Along with Mbappé, On Holding announced that retired French soccer star Thierry Henry will be the company's "director of football."

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The move sent the two stocks in different directions on Friday. \n</p>\n<p>\n     Kylian Mbappé, of Real Madrid and the French national football team, has joined On Holding, the Swiss footwear and sports apparel company, as the face of its entry into the soccer market. 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