Tejal Somvanshi
A circulating video clip has triggered immediate commercial fallout for Kylian Mbappé in China, and one Swiss sportswear company is now sitting squarely in the fallout zone.
On October 26, a video began circulating from a backstage interview with the French-language talk show The Bridge, recorded earlier in 2026, in which Mbappé appeared to respond to a meme showing his face superimposed on Mao Zedong, referring to the subject as a "Chinese dictator." The video's authenticity was not independently verified by AFP Fact Check or ABC News, though Mbappé posted an apology on X on October 27 in which he wrote: "During a recent interview, I reacted to an image featuring myself," implicitly acknowledging the clip's content. The backlash from Chinese media and consumer platforms arrived quickly.
By October 27, three Chinese companies had ended endorsement relationships with Mbappé. Chinese energy drink brand Dongpeng Beverage — which markets electrolyte products under the "Bushui La" name and had signed Mbappé as brand ambassador in April 2026 ahead of the World Cup — published a formal termination statement on Weibo, citing zero tolerance for conduct that offends national feelings. Dairy giant Mengniu issued a similar statement, also ending its partnership. Cheese producer Milkground, also known as Miaokelanduo, announced it too was ending its deal with the footballer. A separate statement from Chinese football data platform Dongqiudi had flagged the problem a day earlier.
The three terminated deals are a direct commercial hit for Mbappé's China portfolio. But the more acute financial exposure sits with On Holding, the Swiss running and lifestyle brand that trades on the New York Stock Exchange under the ticker ONON. On signed Mbappé to an endorsement deal in September 2026 — just weeks before this incident. The deal was structured as a combination of endorsement, equity participation, and product co-creation.
On's China business had been a significant driver of its Asia-Pacific growth. The company's Asia-Pacific net sales rose 58.1 percent in constant currency terms to CHF 345 million in the first half of 2026, representing 20.5 percent of On's total global revenue, with Greater China contributing substantially to that growth. The extent to which the Mbappé association specifically affects On's China-facing sales would depend on how consumers and retail platforms respond in the weeks ahead.
The timing creates particular commercial pressure. Brands tied to figures caught in Chinese nationalist backlash typically face boycott campaigns on platforms like Tmall and JD.com around China's major shopping events. Double 11 — China's largest annual shopping festival — falls on November 11, less than two weeks from now. Mbappé-branded On Running products visible on Chinese platforms in the days ahead will be watched closely by investors and analysts.
LVMH, through Dior and Hublot, and EssilorLuxottica, through Oakley, also hold active Mbappé endorsement relationships. As of October 27, neither had released a public statement.
This kind of incident follows a well-documented pattern in Chinese commercial markets. Foreign athletes and public figures who make statements — even casual ones — that are perceived as disrespecting Chinese national symbols or history face rapid contractual consequences, driven largely by consumer pressure on social media. The speed of the first termination, within 24 hours of the video's circulation, reflects how predictable and immediate that enforcement process has become.
For On Holding investors watching the ONON ticker, the key question through the end of Q3 2026 earnings is whether the Mbappé association has any measurable effect on China-facing sales, particularly in the weeks straddling Double 11.
