On Holding Signs Kylian Mbappé, Ending His 20-Year Nike Deal
ONON is trading near its 52-week low of $26.365 (4.9% above the low).
Summary
On Holding signed Kylian Mbappé as a brand ambassador, ending his 20-year Nike relationship and marking the company's entry into football. Thierry Henry joins as Director of Football, and Sydney Schertenleib expands her role for the women's game. The partnership centers on LightSpray cleat technology. This is a major strategic move into a new category, though the stock is only up 0.37% near its 52-week low. The announcement follows a Q2 sales miss and guidance cut in August, with insider buying by co-CEOs. Watch for product launch timelines and any revenue contribution from the football category.
At the time of this announcement, ONON was trading at $27.67 on NYSE in the Trade & Services sector, with a market capitalization of approximately $9.1B. The 52-week trading range was $26.37 to $51.08. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Benzinga.