The Swiss running company that began with pieces of garden hose glued to a shoe is making its biggest move yet: entering global football with Kylian Mbappé and Thierry Henry.
Sometimes rejection creates a competitor.
More than 15 years ago, Swiss endurance athlete Olivier Bernhard was experimenting with an unusual idea for a running shoe. He wanted something that could provide a soft landing but still feel responsive during takeoff.
One early prototype looked almost ridiculous.
Bernhard experimented with pieces of garden hose attached to the bottom of a running shoe. He eventually pitched the concept to major athletic companies, including Nike and Adidas. They passed.
Instead of abandoning the idea, Bernhard helped turn it into a company.
In 2010, Bernhard, Caspar Coppetti and David Allemann founded Swiss performance brand On.
Today, that company is taking perhaps its biggest step yet.
On announced on September 18 that it is officially entering football — or soccer, as Americans know it — with one of the biggest athletes on the planet: Kylian Mbappé.
From Garden Hose to CloudTec
The story behind On sounds like something pulled from a startup movie.
Bernhard had already built an impressive athletic career, including multiple world duathlon titles and Ironman victories. But he remained obsessed with improving running footwear.
His experiments eventually evolved into the technology that became the foundation of On’s distinctive shoes.
That technology became known as CloudTec, characterized by the hollow cushioning structures visible underneath many On shoes.
When established companies weren’t interested in the concept, Bernhard and his partners decided to build the brand themselves.
On officially launched in Switzerland in 2010.
What began as an unconventional running experiment eventually became an international performance brand competing directly with the companies that once dominated the category.
Roger Federer Helped Take On to Another Level
Another major turning point came when Swiss tennis legend Roger Federer became involved with On in 2019.
Federer didn’t simply appear in advertisements.
He became an investor and worked with the company on product development, helping On expand its presence beyond running and deeper into tennis and lifestyle footwear.
The partnership offered a blueprint that On now appears to be extending into another enormous sport.
Football.
And this time, the athlete involved is Kylian Mbappé.
Kylian Mbappé Leaves Nike for On
On September 18, 2026, On announced its official entrance into football alongside Mbappé.
The Real Madrid and France superstar ended a roughly two-decade relationship with Nike and will become a global ambassador for On. The agreement includes both cash and equity, although the companies have not publicly disclosed the financial value of the deal.
That equity component matters.
This isn’t simply another traditional endorsement contract.
Mbappé is expected to work directly with On’s product teams as the company develops its football footwear and apparel. On plans to introduce its first football boots in 2027.
“From the beginning, what drew me to On was the opportunity to build something entirely new together that will help shape tomorrow’s game,” Mbappé said in announcing the partnership.
Thierry Henry Is Leading On’s Football Push
Mbappé isn’t the only major name involved.
French football legend Thierry Henry has officially become Director of Football at On.
According to the company, Henry had already been working behind the scenes since late 2025 on its football strategy and product approach.
The combination immediately gives On something most companies entering a new sport would struggle to obtain.
Credibility.
Henry brings decades of experience from the highest levels of the sport, while Mbappé gives the company one of football’s most recognizable active players.
Swiss international and Barcelona player Sydney Schertenleib is also involved in helping shape On’s football products.
The Viral $17 Billion Claim Needs Context
Social media posts telling Bernhard’s story have claimed that On is now worth approximately $17 billion.
That figure needs context.
On has reached valuations in that neighborhood before. Its year-end market capitalization was roughly $17.5 billion in 2024 and about $15.5 billion at the end of 2025, according to market data compiled by Stock Analysis.
But as of the market close on September 18, 2026, the same source placed On Holding’s market capitalization at approximately $9.1 billion.
Market capitalization changes constantly with a publicly traded company’s share price, so saying On is currently “worth $17 billion” oversimplifies the story.
The broader point remains remarkable: a company launched in 2010 around an unconventional shoe concept became a multibillion-dollar publicly traded sportswear company.
Now On Is Coming for Football
The significance of the Mbappé announcement extends beyond one sponsorship.
On built its reputation in running.
Then it expanded aggressively into tennis.
Now it is entering the world’s largest sport.
The company says technologies developed elsewhere in its footwear business, including its LightSpray manufacturing process, will influence its upcoming football products.
That puts On into territory traditionally dominated by giants including Nike, Adidas and Puma.
The timing also makes Mbappé’s move particularly notable. Reuters reports that Nike has recently faced several competitive losses in football, while the company continues working through a broader strategic turnaround. Nike still maintains significant football relationships, including its deal with the French national team.
So this isn’t a story about Nike disappearing.
It is a story about the competitive landscape getting more crowded.
From Rejection to Rival
There’s a reason Bernhard’s story is spreading again now.
It has an almost perfect entrepreneurial arc.
An athlete believed footwear could work differently. He experimented with an idea that looked strange. Established companies passed on it. Instead of abandoning the concept, he helped create a company around it.
Sixteen years later, On has become a global sportswear business.
Roger Federer became an investor and product collaborator.
The company went public on the New York Stock Exchange.
Now Thierry Henry is helping lead its expansion into football, while Kylian Mbappé has left Nike to become both an On partner and shareholder.
And the first On football boots haven’t even reached consumers yet.
The garden hose experiment has come a very long way.
This is no longer simply the story of the shoe Nike didn’t want. It’s the story of the competitor that rejection helped create.
