Roger Federer has found himself indirectly caught up in the controversy surrounding Kylian Mbappé after comments by the French football star triggered a backlash in China and sent shares in Swiss sportswear company On lower.
Federer has been an investor in the brand since 2019 and remains closely involved in its tennis business, making the latest developments an unwelcome distraction for a company with which he has built a long-term partnership.
On Holding shares fell by as much as 6% on Wall Street before recovering some of their losses to trade around 3.5% lower during the session, according to Investing.com. The decline came after Mbappé's remarks about Mao Zedong attracted criticism in China, raising concerns about the potential commercial consequences for the company following its recent agreement with the Real Madrid forward.
The controversy began with a video from The Bridge, a programme hosted by French footballer Aurélien Tchouaméni. Asked about internet memes featuring him, Mbappé identified one that amused him: an image combining his face with that of Mao Zedong, whom he described as a Chinese dictator.
The comment prompted criticism in China, where Mao remains an officially celebrated historical figure. The reaction quickly extended beyond social media. Three Chinese companies, Dongpeng, Mengniu and Milkground, announced that they were ending their sponsorship agreements with Mbappé.
The footballer subsequently apologised in a statement saying he had deep respect for the Chinese people and their history and was sincerely sorry.
Federer’s long-standing connection to On
Although the controversy originated in football, it has drawn attention to the business interests of one of tennis's most recognisable figures. Federer announced his investment in On in November 2019, becoming more than a conventional brand ambassador. The partnership gave him an active role in product development, particularly in the creation of tennis footwear.
The Swiss company, founded in 2010, has since expanded its presence in professional tennis. Its Roger collection reflects Federer's influence on the brand, while several prominent players have joined its roster of ambassadors, including Iga Swiatek, Ben Shelton, João Fonseca and Flavio Cobolli.
On announced its partnership with Mbappé on September, following his departure from Nike. The agreement represented a significant addition to the company's global marketing ambitions, bringing one of football's biggest names into a portfolio already associated with elite tennis.
Federer’s recent visit to China adds another dimension
The developments are particularly notable because Federer was in China less than two weeks before the controversy erupted. The former world No. 1 attended On Thanks for Playing in Shenzhen, a promotional event designed to strengthen the brand's connection with Chinese consumers and younger tennis fans.
Federer hit balls on a floating tennis court installed over the water before a drone show involving 2,000 drones. According to On's announcement, more than 9.6 million people watched the event online.
The appearance underlined the importance of China to the company's international strategy. On reported that the Asia-Pacific region accounted for more than 20% of its global revenue in the second quarter of 2026, with sales increasing by 54.7% year-on-year at constant exchange rates.
That growth helps explain why any controversy affecting the brand's reputation in China could attract investor attention. However, the initial share-price decline does not establish that the dispute will have a lasting effect on On's business, and its longer-term consequences remain uncertain.
For Federer, the situation is an indirect complication for a partnership that has become an important part of his post-playing career. The 20-time Grand Slam champion has helped establish On's identity in tennis, while the company's expansion into football has broadened its reach beyond the sport in which he made his name.
Whether the Mbappé controversy develops into a more substantial commercial problem for On remains to be seen. For now, the episode has placed Federer's business connection to the Swiss brand in the spotlight for reasons unrelated to tennis.
Cristhián AvilaTennis Journalist
Cristhián Ávila is a tennis journalist based in Santiago, Chile, and has been part of the TennisUpToDate team since early 2023. He covers the ATP and WTA Tours as well as all four Grand Slams, producing breaking news, match reports, analysis, and regular liveblogs from major tournaments.
His reporting combines statistical analysis with clear explanation, helping readers understand tactical developments, player form, and broader storylines across the tour. Working fluently in both Spanish and English, Cristhián collaborates with an international editorial team and contributes to comprehensive global coverage. As part of his work, he has conducted interviews and media interactions with leading figures in the sport, including Caroline Wozniacki and John McEnroe.
In his journalism, Cristhián places strong emphasis on careful sourcing, editorial accuracy, and updating articles promptly when new, verified information becomes available. His coverage is grounded in research, context, and direct engagement with professional tennis.
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