On shares fall 6% intraday as 3 Chinese companies end deals with Mbappé
Key Facts
On Holding shares fell as much as 6% in trading on October 27 before paring losses to about 3.5%, according to a report published by Investing.com. The move came after 3 Chinese companies announced they were ending their agreements with footballer Kylian Mbappé, amid reactions to remarks attributed to him. The stock’s closing price that day was not established in the available data; EL7 data records a close of $33.17 on October 26. The shares had closed at $32.51 on October 23, making the subsequent session’s move separate from the available daily closing data. The dispute puts On’s partnership with Mbappé in focus, while details of its commercial impact on the company are unavailable.
Dongpeng, Mengniu and Milkground said in similarly worded statements on Tuesday that they were ending their agreements with Mbappé. The companies said they rejected words and actions that hurt national feelings, but did not specify in their statements what prompted the decision. The announcement followed the circulation of a clip that appeared to show Mbappé in an interview discussing a satirical image depicting him as Mao Zedong. According to the Associated Press, the incident drew criticism and calls on social media, as the player lost all 3 sponsorship deals. The agency did not report that consumers boycotted On products or that authorities put pressure on the company.
Mbappé responded: "I apologize to everyone my words upset; that was never my intention. I have deep respect for the Chinese people and their history, and I am sincerely sorry." A Chinese Foreign Ministry spokesperson added: "Words and actions that hurt the feelings of the Chinese people will naturally face shared opposition from all sectors of Chinese society." The Associated Press reported that Mbappé’s Red Note account was barred from receiving new followers on Tuesday. The platform said its content partnership with the player ended on December 31, 2024, and that it would remove promotional materials associated with him. These developments show the widening repercussions for the player’s commercial relationships and digital presence in China, while the details of the 3 companies’ decisions remained unspecified in their statements.
On operates 38 locations in China, including Hong Kong, as of December 31, 2025, according to its annual report. In fiscal 2025, its sales in the Asia-Pacific region totaled 511.1 million Swiss francs, compared with 260.2 million in 2024. These figures put the Asian market in important context for the company’s operations, but do not establish China’s share of regional sales. The available data also do not establish that reactions linked to Mbappé affected On’s sales or operations there. The October 27 session move therefore remains the market indicator cited in the published report, alongside the previous closing prices recorded by EL7.
On had announced its partnership with Mbappé as part of its expansion into football, while a Reuters report published via Investing.com said the agreement included a cash component and an equity grant. The company did not disclose the financial terms of the agreement, and no published details establish the dispute’s effect on the contractual relationship between the parties. On shares closed at $35.42 on October 20, then $34.22 on October 21 and $34 on October 22, before closing at $33.17 on October 26. This trajectory provides context for the stock’s moves in the preceding days, but does not by itself establish the cause of each daily change. The October 27 report, meanwhile, cited an intraday drop of as much as 6% before losses narrowed to about 3.5%.