On Holding's shares dipped 0.3% after the Swiss sportswear company signed Kylian Mbappe and intensified its push into soccer, seeking a new growth driver beyond running and tennis. The agreement includes cash and equity, although On did not disclose financial terms; earlier reports described a 10-year ambassador arrangement. Mbappe will help develop On's first football boots, which are scheduled for commercial launch in 2027 and are expected to use its LightSpray robotic manufacturing technology. The expansion comes as On faces slowing growth in the Americas, which generate more than half of revenue, after it missed second-quarter net-sales estimates. Shares have fallen about 40% this year, despite data showing On gained market share through August while Nike continued to lose share. Analysts said Mbappe strengthens On's credibility but cautioned that elite athlete partnerships alone have not guaranteed commercial success against Nike, Adidas and Puma.