According to a report by 36Kr, Li Ning is planning to sign French football star Kylian Mbappe. Instead of a traditional commercial endorsement, the two sides might pursue a partnership model involving equity stakes and managing an independent personal brand.

In response to this, Li Ning told Wall Street Insights: "We cannot comment on market rumors."

If the deal is finalized, it would mark the second time Li Ning has secured a global top-tier athlete and their personal brand assets this year, following the signing of the Curry Brand.

Compared to the traditional model where a brand pays endorsement fees and athletes participate in advertising campaigns, this type of partnership gives athletes a greater say in brand operations and allows them to share in the long-term growth benefits of the brand.

The report suggests Mbappe may invest capital to hold equity, while Li Ning would be responsible for building an independent personal brand centered around him. The partnership plan is reportedly modeled on the investment collaboration between Roger Federer and Swiss sports brand On, as well as the operational model of Stephen Curry's brand.

Mbappe's contract with Nike was originally set to expire on July 31. For Li Ning, Mbappe could become another globally influential athlete partnership, following NBA star and four-time champion Stephen Curry.

In June, Li Ning announced a long-term partnership with Stephen Curry and the Curry Brand. ESPN reported the deal spans 10 years and is worth over $400 million, covering basketball, athleisure, and a full golf product line, with Curry also able to sign other athletes under his own brand system.

If the partnership with Mbappe also adopts an equity and independent brand model, Li Ning would be replicating a similar strategy in football. Curry primarily covers basketball, golf, and the North American market, while Mbappe holds stronger influence in football and the European market.

The "athlete-equity partner" model is not a new trend in the global sportswear industry.

In 2019, Roger Federer joined On as an investor and entrepreneurial partner, and the two sides subsequently launched The Roger series. Earlier, Nike built the Jordan Brand around Michael Jordan, extending the commercial value of top athletes from endorsements to long-term brand operations.

Currently, this model is gaining a new window of opportunity. Western sportswear giants, which have long controlled top athlete resources, are undergoing varying degrees of operational and strategic adjustments.

Nike is still in a recovery phase. In its fiscal year 2026, the company's revenue was flat on a reported basis and down 2% on a constant-currency basis compared to the prior year; net profit fell 3% year-over-year. In Greater China, revenue declined 11% on a reported basis and 13% on a constant-currency basis.

Pressure from channel restructuring, product renewal, and profit margins may mean Nike needs to allocate marketing budgets and athlete resources more cautiously.

The pressure on Puma is more direct. The company has defined 2026 as a "transition year," expecting a full-year operating loss of 50 million to 150 million euros and continuing to clear inventory.

With resource contraction, its ability to compete for high-priced athletes and make long-term investments in personal brands may also be limited.

From Li Ning's perspective: while the giants are busy repairing channels, clearing inventory, or reallocating resources, a pool of athletes who already have global recognition but whose contracts with their original brands have expired or are undergoing relationship adjustments is now available.

However, whether this global investment ultimately proves to be a "bargain buy" or an expensive takeover will be answered by product performance and sales figures.