On company stock rises 5.5% after Mbappé deal

Swiss company "On" announced the signing of an agreement with French star Kylian Mbappé, which includes launching a dedicated football shoe line for him by 2027, in collaboration with the product development team. This comes after the company previously collaborated with Nike for nearly 20 years. The contract led to a more than 5.53% rise in the company's stock price, as the company expects its sales in the luxury sports apparel sector to double as a result of Mbappé's joining. Mbappé's annual income from Nike ranges between 14 and 15 million euros, but it is expected to exceed 20 million euros with his new contract with "On." This move is part of "On's" expansion and entry into the football world, enabling it to capitalize on the gap left by Nike's declining dominance in the market.

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