On Holding AG
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsOn Holding AG is a Swiss footwear and apparel company that designs and sells performance running shoes, apparel, and accessories under the On brand, listed on the NYSE under the ticker ONON.
What they do
On designs, develops, and markets premium performance footwear, apparel, and accessories, primarily for running, outdoor, training, and lifestyle use. Products are sold through wholesale partners, direct-to-consumer channels including own retail stores and e-commerce, and in key markets worldwide. The company also operates a LightSpray production facility in Zurich for advanced manufacturing.
Revenue drivers
- Footwear — Core product category including iconic Cloud franchise; revenue contribution is not quantified in the provided excerpt.
- Apparel — Performance and lifestyle apparel sold alongside footwear; relative size not specified in the excerpt.
- Direct-to-Consumer (DTC) — Own e-commerce and retail stores, including recent openings in Singapore, Bangkok, and Seoul; channel mix not quantified.
- Wholesale — Sales through third-party retailers globally; relative contribution not provided in the excerpt.
Recent performance
The filing highlights several 2025 achievements but does not include detailed financial results in the provided excerpt. On athlete Hellen Obiri won the New York City Marathon, breaking the course record. The company launched the Cloud 6, described as its biggest product launch to date. It opened a flagship store in Ginza, Tokyo, and the world's first LightSpray production facility in Zurich. On also celebrated its 15th anniversary.
Strategy
On is focused on expanding its global retail footprint with design-led premium stores, as evidenced by openings in Singapore, Bangkok, and Seoul. The company continues to invest in product innovation, highlighted by the Cloud 6 launch and the LightSpray manufacturing facility. Marketing efforts include high-profile campaigns such as the 'Soft Wins' campaign with Elmo and a Super Bowl commercial. On is also leveraging athlete partnerships and major sporting events to build brand awareness.
Risks
- Geographic concentration — On generates significant revenue from a limited number of markets, and economic or political instability in those regions could harm results.
- Supply chain and manufacturing — The company relies on third-party manufacturers, primarily in Vietnam and other Asian countries, exposing it to production disruptions and cost volatility.
- Intense competition — The footwear and apparel industry is highly competitive, with larger rivals that have greater resources and brand recognition.
- Foreign exchange fluctuations — As a Swiss company with global sales, On is exposed to currency exchange rate movements that can impact reported revenue and profitability.
Outlook
The provided excerpt does not include specific forward-looking guidance or management outlook statements. The filing highlights recent strategic initiatives and brand momentum but does not quantify expectations for future periods.