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Shares in Swiss sportswear and footwear company "On" fell 3.81% after Kylian Mbappé's comments about former Chinese leader Mao Zedong sparked a controversy whose fallout reached the France striker's commercial partnerships.
According to French newspaper "Le Parisien", the stock closed at $33.06 on Monday evening before dropping to $31.80 when trading opened on Tuesday, a fall of 3.81%. The price then steadied and climbed slightly.
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The timing stings. Mbappé's tie-up with the Swiss firm is still fresh, dating back only to last September, when the France captain ended his long association with "Nike" and switched to "On" to start a new chapter.
Founded in 2010, the Swiss company initially made running and tennis shoes before branching out across the sportswear and footwear market. Its shareholders include Swiss tennis legend Roger Federer, who also walked away from "Nike" at the end of his playing days.
Former France star Thierry Henry took on the role of football director at the company around the time Mbappé arrived. The striker's move fired up interest in the stock, which rose from $27.26 to $30.46 in less than a week, according to the newspaper.
The "Chinese dictator" crisis
These losses stem from a crisis that has already cost Mbappé dear. Three Chinese companies ended their commercial partnerships with him after he reacted to a satirical image that superimposed his face onto a picture of Mao Zedong and branded the former Chinese leader a "dictator", triggering widespread anger in China.
The France striker apologised to the Chinese people on Tuesday, saying: "I offer my apology to everyone my words have hurt. This was never my intention at all. I have deep respect for the Chinese people and their history, and I am sincerely sorry."
Chinese Foreign Ministry spokesman Guo Jiakun responded on Wednesday, confirming his country "takes seriously the apologies offered by the person concerned", a reference to the player's apology.