On plans to launch its first football boots in 2027, and also named former French player Thierry Henry as its director of football. On's US-listed shares were up 5% in pre-market trading.
The Roger Federer-backed company is looking for growth in the Americas, which account for more than half of its revenue. On has focused on full-price sales, but has struggled in the region this year amid choppy economic spending.
Mbappe's move to On ends a relationship between the French national team captain and Nike that dates back to 2006, and comes at the heels of Nike's loss of recent World Cup winner Spain's Lamine Yamal to Adidas.
"We are proud of what we achieved together on and off the pitch. As he moves into the next phase of his career, we wish him continued success for what comes next," Nike said in a separate statement.
Nike had increasingly leaned on Mbappe as one of the sport's leading global ambassadors following the latter stages of Cristiano Ronaldo's career. The Real Madrid player was a centrepiece of Nike's football marketing at this year's World Cup.
"Once again it (football) has led me to one of the biggest changes in my life. Now, I find myself surrounded by innovators who dream of the same things I do," Mbappe said on his social media accounts.
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