The market reacts to Mbappé’s China fallout
Swiss sportswear brand On picked up Kylian Mbappé as its headline face only recently. This week it found out what that costs when the face makes headlines for the wrong reasons.
On’s stock closed Monday at $33.06, according to Le Parisien figures relayed by RMC Sport. By Tuesday’s open, once the storm over Mbappé’s comments had broken in China, it had dropped to $31.80. That is a fall of 3.81%. The shares steadied afterwards and recovered slightly during the day.
The trigger was a video the France captain recorded months ago for the podcast “The Bridge”, hosted by his Real Madrid teammate Aurélien Tchouaméni. Asked about the memes made of him, Mbappé named as the funniest one a montage placing his face over that of a man he called a “Chinese dictator”. The man in the picture was Mao Zedong, whom the Chinese authorities officially treat as a national hero.
no renewal
Free for 2 weeks.
Sponsors gone, Liga games in doubt
The reaction in China was immediate. Three brands suspended their deals with Mbappé, who enjoys huge popularity across Asia. The Chinese government itself condemned the remarks, and Mbappé issued a public apology in a statement.
The damage has spread well beyond one player. RMC reports that some Liga matches are no longer expected to be broadcast in China in the coming weeks. Javier Tebas, the head of Spanish football’s top flight, has distanced himself from Mbappé, and so has Real Madrid, a club with serious commercial interests in the Chinese market.
On is the latest company to feel it. The brand has spent years building its name in tennis and running, and football was supposed to be its next frontier. Mbappé was the centrepiece of that push.
Discover the rest of our Football news on MathODDS!
in your pocket.
Real-time notifications & alerts
Leave a Reply