China Consumer Quick Take: Mbappé endorsement terminations and potential impact

On Oct 26, Kylian Mbappé's interview remarks triggered controversy in China. On Oct 27, Eastroc Beverage (UW), Mengniu (OW) and Milkground (not covered) terminated all cooperation with him with immediate effect, while On Running removed related content from its Weibo account. Eastroc and Mengniu shares fell ~1–3% on Oct 27. JPM views this as a standard morality clause in endorsement contracts, allowing brands to terminate unilaterally and potentially seek liquidated damages. The main incremental risk for Eastroc is physical product exposure, as its Water Boost packaging features Mbappé;