Roger Federer’s high-profile partnership with Swiss athletic brand On has expanded into professional football through a newly brokered deal with Real Madrid forward Kylian Mbappé, spearheaded by Thierry Henry. The strategic maneuver positions On directly against sportswear giants Nike and Adidas by aligning the emerging brand with one of the sport’s most prominent global figures.
The collaboration connects Mbappé—who maintained a long-standing partnership with Nike from his youth in Bondy until reaching a 10-year agreement with On—with a brand co-owned by Federer, according to public corporate disclosures. Federer acquired an equity stake in On following the conclusion of his association with Nike in 2018, when he signed a 300 million euro decade-long agreement with Japanese apparel retailer Uniqlo.
The Evolution of Federer’s Commercial Portfolio
Federer’s transition from Nike to Uniqlo and subsequently to On marked a significant shift in sports marketing, prioritizing equity participation and brand co-creation over traditional endorsement fees. Tony Godsick, Federer’s agent, noted that Nike declined to match competing long-term valuations during 2018 contract renewals, leading to the dissolution of a partnership that began in 1994. The separation initially left Federer without the legal rights to his iconic “RF” monogram, which Nike had registered for commercial exploitation in 2010. Following a two-year hiatus where products cleared remaining inventory, ownership of the trademark transferred in March 2020 to Tenro AG, a company founded by the Swiss tennis champion in 2007.
Concurrently, Federer took an active ownership role in On, participating directly in product development and marketing strategies under “The Roger” line. According to financial reports for the 2025 fiscal year, On Holding reported approximately 3,000 million euros in net sales, reflecting a 30 percent growth rate compared to the previous year. Forbes estimates that Federer holds approximately a 2.5 percent stake in the Zurich-based company, consisting of Class A and Class B shares.
Thierry Henry’s Role in Football Expansion
Thierry Henry, sharing a close personal friendship with Federer stemming from advertising campaigns, serves as a primary architect for On’s entry into association football. Henry utilized his personal standing within the sport to connect the brand with Mbappé, who has emerged as a central figure in international competitions. Mbappé, currently the all-time leading goalscorer in men’s World Cup tournaments with 22 goals across 22 matches, secured a 10-year partnership that integrates equity provisions alongside performance-based compensation.
“From the beginning, what attracted me to On was the opportunity to build something totally new that helps define the future of this sport,” Mbappé stated regarding the partnership. The arrangement allows the French forward to maintain an active voice in product innovation while expanding On’s visibility beyond running, trail, tennis, and padel into elite football markets.
On Holding’s Selective Representation Model
Unlike competitors relying on massive roster distribution, On maintains a selective athlete representation strategy across multiple disciplines. In tennis, the brand manages partnerships with Iga Swiatek, Ben Shelton, Flavio Cobolli, and João Fonseca, alongside Federer. Within football and other sports, the roster includes Barcelona player Sydney Schertenleib and Spanish padel competitor Arturo Coello. This targeted approach aims to capture market share through high-profile ambassadors capable of influencing product design and global brand positioning.
Key Takeaways
- Partnership Evolution: Roger Federer ended his relationship with Nike in 2018 to join Uniqlo before taking an equity stake in Swiss brand On.
- Trademark Recovery: After a two-year transition period, Federer secured the full rights to his “RF” logo in March 2020 through his company Tenro AG.
- Mbappé’s Integration: Thierry Henry facilitated a 10-year agreement between Kylian Mbappé and On, marking the brand’s primary entry into professional football with equity incentives for the player.
- Financial Growth: On Holding reported approximately 3,000 million euros in net sales for the 2025 fiscal year, representing a 30 percent increase over 2024.
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