Kylian Mbappe Leaves Nike for On as Nike Exits S&P 100

French striker Kylian Mbappe ended his sponsorship with Nike last Friday to join the running-shoe company On. On secured the athlete by offering a significant financial package and a shareholder stake in the company.

The departure coincides with Nike's removal from the S&P 100 index on September 21, ending a membership that began in 2008. The index replaced several stocks, including Nike, with companies linked to artificial intelligence.

Nike continues to struggle under CEO Elliott Hill, facing a sales contraction in China and a failed direct-to-consumer strategy. The company faces increasing competition from brands such as On and Hoka. In an effort to revitalize the business, Nike recently appointed Alexandre Arnault to its board of directors. CFO Matt Friend stated that the company is "not expecting the environment to improve meaningfully over the next six months."