On Shares Slip Following Kylian Mbappé Comments
The company stock price drops after Kylian Mbappé sparked controversy with remarks regarding Mao Zedong.
Updated on Oct. 28, 2026 in Public Companies
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On shares fell 3.81 percent following comments from Kylian Mbappé referring to Mao Zedong as a dictator. The remarks triggered widespread anger in China, where three companies terminated commercial partnerships with the athlete.
Why it matters
The controversy highlights the significant financial risks global brands face when their celebrity partners engage in sensitive political discussions in key international markets. The subsequent loss of local corporate support and the immediate dip in stock value demonstrate how quickly cultural friction can impact corporate interests.
On shares dropped to $31.80 on Tuesday from a close of $33.06 on Monday. This decline follows a prior rise from $27.26 to $30.46 that occurred when the partnership was initially announced in September 2026.
The players
Kylian Mbappé
He is a professional athlete from France who recently partnered with the footwear company On.
On
This is a Swiss-based athletic footwear and performance sportswear company.
Chinese Foreign Ministry
This is the executive government agency in China responsible for foreign affairs and diplomatic communications.
The details
Kylian Mbappé issued an apology to the Chinese people on Tuesday after a satirical image superimposing his face onto a picture of Mao Zedong led to his remarks. The Chinese Foreign Ministry acknowledged the athlete's apology on Wednesday, while local businesses continue to distance themselves from his brand associations.
Timeline
September 2026: Kylian Mbappé signed a partnership with On.
Monday evening, October 26, 2026: On stock closed at $33.06.
Tuesday, October 27, 2026: On shares opened at $31.80 and Mbappé issued an apology.
Wednesday, October 28, 2026: The Chinese Foreign Ministry acknowledged the apology.
Market Landscape
This incident mirrors the volatility seen when celebrity brand partnerships clash with regional political sensitivities in the global retail sector. It underscores how rapidly corporate valuations can shift when international market sentiment turns against an athlete's personal commentary.
For customers, this volatility primarily affects investors holding shares in the company who may see short-term portfolio fluctuations. The situation does not currently alter product pricing or availability for the average consumer.
The takeaway
When high-profile athletes enter global partnerships, their personal statements can have immediate and tangible effects on the company's market position. Investors and brand managers should monitor how cultural sensitivities continue to influence the stability of such long-term celebrity contracts.
Further reading
For more on the financial performance of major global firms, visit our Public Companies section.
Source note: This article includes information reported by Goal.
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