Shares in Swiss sportswear company On fell by 3.81% after comments by Kylian Mbappe about former Chinese leader Mao Zedong triggered a backlash that has also affected the France captain’s commercial partnerships.
According to French newspaper Le Parisien, On’s shares closed at $33.06 on Monday before dropping to $31.80 when trading opened on Tuesday. The price later stabilised and recovered slightly.
The market movement came as the relationship between Mbappe and On remains relatively new. In September, the France captain ended his long-standing association with Nike, which had sponsored him since the beginning of his career, and joined the Swiss company.
On was founded in 2010 and initially concentrated on running and tennis shoes before expanding into sports clothing and footwear. Swiss tennis great Roger Federer is among the company’s shareholders after also ending his partnership with Nike at the end of his playing career.
Former France international Thierry Henry became On’s director of football at the same time Mbappe joined the company. His arrival helped to increase interest in the stock, which rose from $27.26 to $30.46 in less than a week, according to Le Parisien.
Far-reaching consequences of China controversy
The latest fall in the share price follows a wider dispute in China. Three Chinese companies have ended their commercial partnerships with Mbappe after he commented on a satirical image showing his face superimposed on Mao Zedong’s body and described the former Chinese leader as a “dictator”.
The remarks prompted widespread anger in China.
Mbappe apologised to the Chinese people on Tuesday, saying: “I apologise to everyone who was hurt by my words. That was never my intention. I have deep respect for the Chinese people and their history, and I am sincerely sorry.”
On Wednesday, Chinese foreign ministry spokesman Guo Jiakun said the country “takes seriously the apologies made by the person concerned”, referring to Mbappe’s statement.