Nike Just Lost Mbappé. Here’s the Marketing Lesson. Kylian Mbappé has ended his long relationship with Nike and joined Swiss sportswear brand On in a deal that includes both cash and equity. For On, which is pushing into football, signing one of the world’s biggest athletes gives the brand enormous global attention. The timing is particularly interesting because Nike is already going through a major turnaround. Its shares are around 80% below their 2021 all-time high, and Nike is set to leave th