Nike parts ways with Kylian Mbappé, soccer superstar signs with On

French soccer phenom Kylian Mbappé signed his new endorsement deal with On after Nike chose not to renew its deal with the international superstar, a source familiar with the matter told CNBC.Earlier Friday, the Swiss sportswear company On said it reached an agreement with Mbappé, marking the brand's first signing in football. The company also announced it named retired French star Thierry Henry as director of football. As Mbappé's contact ended in July, Nike felt it had benefitted from the prime years of his career and decided to use its endorsement money elsewhere, the source added. The 27-year-old will be 31 when the 2030 World Cup kicks off. The move is another major change for Nike, which is trying to rebuild brand loyalty and product innovation under CEO Elliott Hill. The company's sluggish sales, particularly struggles in China, have contributed to its stock falling about 50% in the last year.On Enters Football alongside Kylian Mbappé.Juergen Teller | OnMeanwhile, it's a coup for On, which has branched more outside of its core running segment.Mbappé joined the swoosh in 2006, when he was still a child, and has since emerged as one of the sport's highest profile stars. The Re...