Rumors: Mbappé to Partner with LI NING, Accelerating the "Star Partner" Model?
According to a report by 36Kr, LI NING plans to sign French football star Kylian Mbappé. The two parties may adopt a cooperation model involving equity holdings and the operation of an independent personal brand, rather than traditional commercial endorsements
According to a report by 36Kr, LI NING plans to sign French football star Kylian Mbappé. The two parties may adopt a cooperation model involving equity holdings and the operation of an independent personal brand, rather than traditional commercial endorsements.
In response, LI NING told Wall Street News: "We cannot comment on market rumors."
If the partnership is finalized, it will mark another attempt by LI NING to secure global top-tier athletes and their personal brand assets, following its acquisition of the Curry Brand earlier this year.
Compared to the traditional model where brands pay endorsement fees and stars participate in advertising promotions, this type of collaboration grants athletes greater involvement in brand management and offers them the opportunity to share in the long-term growth benefits of the brand.
The report states that Mbappé may invest to hold relevant shares, while LI NING would be responsible for building an independent personal brand centered around Mbappé. The proposed plan draws reference from Roger Federer’s investment partnership with the Swiss sports brand On, as well as the operational model of Stephen Curry’s personal brand.
Mbappé’s contract with Nike was originally set to expire on July 31. For LI NING, Mbappé could become another case of collaborating with a globally influential star, following NBA star and four-time champion Stephen Curry.
In June this year, LI NING announced a long-term partnership with Curry and the Curry Brand. ESPN reported that the deal spans 10 years with a total value exceeding $400 million, covering basketball, athleisure, and a complete golf product line. Curry also has the authority to sign other athletes under his brand system.
If the collaboration with Mbappé similarly adopts an equity-holding and independent brand model, LI NING will replicate a similar strategy in the football sector. While Curry primarily covers basketball, golf, and the North American market, Mbappé holds stronger influence in football and the European market.
In the global sports brand industry, the "Star Partner" model is not new.
In 2019, Federer joined On as an investor and entrepreneurial partner, and the two subsequently launched The Roger collection. Earlier, Nike established the Jordan Brand around Michael Jordan, extending the commercial value of top athletes from endorsements to long-term brand operations.
Currently, this model has found a new window of opportunity. Western sports giants, which have long controlled resources for top-tier stars, are undergoing varying degrees of operational and strategic adjustments.
Nike is still in a business recovery phase. In fiscal year 2026, the company’s revenue remained flat year-over-year on a reported basis and declined 2% on a constant currency basis; net profit decreased by 3% year-over-year. Notably, revenue in Greater China fell 11% on a reported basis and 13% on a constant currency basis.
The coexistence of channel reconstruction, product updates, and profit pressures may imply that Nike needs to allocate its marketing budget and star resources more cautiously.
Puma faces even more direct pressure. The company has defined 2026 as a "transition year," expecting an operating loss of €50 million to €150 million for the full year, while continuing to clear inventory.
Amid shrinking resources, its ability to compete for high-priced stars and make long-term investments in personal brands may also be limited.
From LI NING’s perspective: As giants busy themselves with repairing channels, clearing inventory, or reallocating resources, a batch of athlete assets with existing global recognition—but whose contracts with original partner brands are expiring or relationships adjusting—are beginning to circulate.
However, whether this global investment ultimately proves to be "buying at the bottom" or taking over at a high price remains to be answered by product and sales performance.
