Remember when I wrote about Mbappé leaving Nike for On? I said “Don’t rent your name. Own the thing.” Well, this is the other side of owning the thing. On Tuesday, On’s shares dropped about 3.5% in pre-market trading in New York. The reason was the Mbappé comment in China. Let me explain why. When On announced Mbappé as its global ambassador on 18 September, its shares went up about 5%. Investors liked the idea of the world’s biggest football star leading the brand’s move into football. According to The Athletic, the deal also gives Mbappé a stake in the company, although On hasn’t commented on that. Now the same face is the problem. About 21% of On’s sales come from Asia-Pacific, and about 10% from China alone. Investors are worried that Chinese consumers will start linking On to the controversy, the way they linked Mengniu, Dongpeng and Milkground before those brands dropped him. To be fair, analysts at Stifel say the damage may be limited for now, because On hasn’t even started selling football products yet. Their estimate is that a 10% drop in Chinese sales would cut On’s total revenue by about 1%. Not small, but not a disaster. But here’s the lesson for players and brands. When you’re just an ambassador, a controversy can cost you a contract. When you’re reportedly a part-owner, it can also cost you value in the company you own. Your name is the asset, and the asset moves with every sentence you say. One sentence on a talk show, and it showed up on Wall Street. What a world! My name is Ajoje. I am a FIFA Licensed Agent and International Sports Lawyer. I write on the Law and Business of Football, a lot. Repost and Follow if you want to read more posts like this.