Mbappé controversy in China: On sportswear brand's stock falls after ambassador's remarks on Mao Zedong

On's share price fell 3.81% after Mbappé's comments about Mao Zedong sparked a boycott in China, where three brands have already suspended partnerships with the Real Madrid captain.

Kylian Mbappé's recent comments about Mao Zedong have triggered a major controversy in China, with significant commercial fallout. In a podcast episode recorded months earlier with Real Madrid teammate Aurélien Tchouaméni, Mbappé described a meme comparing his face to that of the former Chinese leader as the funniest he had seen, referring to Mao as a "Chinese dictator."

The remarks sparked outrage in China, where Mao is officially revered as a national hero. Three major brands immediately suspended their partnerships with Mbappé, and the Chinese government condemned his statements. Mbappé subsequently issued a public apology.

The fallout has extended beyond sponsorships. On, the Swiss sportswear brand that recently appointed Mbappé as its main ambassador, saw its stock price drop 3.81% when markets reopened after the controversy broke—falling from $33.06 to $31.80. The share price later stabilized and recovered slightly. Additionally, some La Liga matches are expected to stop being broadcast in China in the coming weeks, and Real Madrid—which has significant commercial interests in the region—has distanced itself from Mbappé, as has La Liga president Javier Tebas.