Author｜Zhou Qi Editor｜Lv Dong
On August 12, reports said that Li Ning would sign French superstar Kylian Mbappé. But the rumor only simmered for a few hours before being denied by the party concerned.
According to a report by The Beijing News, Li Ning responded: “Regarding the information recently circulated online claiming that our company has signed a certain well-known football player, the content is not true. Li Ning has not been involved and has no plan to move forward with any related cooperation.”
The direct trigger was that Mbappé was rumored to have become, for the first time in 19 years, a “shoe free agent.”
As Real Madrid’s top star, the winner of the 2026 World Cup Golden Boot, and a flag-bearer of the French national team, when it comes to the commercial value of active players, there is almost no equivalent substitute for Mbappé.
He signed with Nike at the age of 8. From a teenage prodigy to a Real Madrid superstar, Nike has been with him throughout his entire career. And according to a report by 36Kr citing insiders and French media, this association has now come to an end: both parties’ contracts expire on July 31, 2026, and no renewal was reached.
That said, it’s worth noting that Nike’s official side has not confirmed a “breakup” to this day.
Meanwhile, some media outlets point out that Mbappé is still appearing on Nike’s official promotional pages. Ahead of the match, he also posted multiple updates on his personal social media related to Nike’s new boots. Whether the partnership has truly ended still has variables.
And in the list of Mbappé’s potential next employers, according to reports by French media, the next brand likely isn’t a well-known giant like Adidas, Puma, or Under Armour, but more likely an “unexpected” name.
This also leaves room for a brand like Li-Ning—one that had previously been almost absent from football-related discourse systems—to be cast into people’s guesses.
On one hand, the rumored collaboration model happens to be exactly the one that the market believes Li-Ning “knows how to play.”
Based on the cooperation framework described by overseas media, Mbappé funds and holds the relevant shares; the brand side builds an independent personal brand around him—aiming at an investment model similar to the Federer-and-On running-shoe collaboration and Under Armour’s sub-brand strategy with Curry.
You should know that among domestic sports brands, Li-Ning was the earliest company to run out a successful example of building an entire brand around a single superstar.
In basketball, the “Dwyane Wade” line has been managed for more than a decade, proving that this playbook is workable. On June 2 this year, Li-Ning also officially announced a long-term brand co-building partnership with Curry and his personal brand, Curry Brand. Naturally, the market will transfer similar imagination in the football arena first onto Li-Ning.
Second, football is precisely the lesson Li-Ning most needs to make up.
Compared with basketball, Li-Ning has long been on the periphery of football. Its first real attempt in football was this year, before the start of the World Cup, when it signed Vélly Semedo, a Cap-Vert national team player; this is also the first football athlete Li-Ning has ever collaborated with in its history.
Afterward, Cap-Vert made a historic qualification for the 2026 World Cup final tournament, and Semedo traveled with the team to compete. This “bet” was widely regarded in the industry as a successful case.
From signing a newcomer at the World Cup to being linked—via rumors—to the current top star Mbappé, the market is willing to believe that Li-Ning has further ambitions in football.
Also, this is part of the big narrative of “Chinese brands going global.”
After Anta expanded its reach in the global market through the acquisition of Amer Sports, the market has been waiting for the next Chinese brand to secure a globally top-tier sports IP.
When targets like Mbappé appear, it’s already not so strange to imagine Chinese brands showing up at the negotiation table.
However, Li-Ning’s denial is also worth reading closely; the wording is decisive and leaves no room for ambiguity.
“Did not participate and has no plan to advance any related collaborations.” Listen to the tone from the wording; at least based on the text so far, the other side of this drama doesn’t seem to be sitting at Li-Ning’s negotiation table.