On Holding AG (ONON)

On Holding AG, commercially known as On, is a Swiss premium sportswear brand founded in 2010 and headquartered in Zurich. Its mission is to ignite the human spirit through movement, and its vision is to be the most premium global sportswear brand. The company designs footwear, apparel and accessories for running, outdoor, training and tennis, as well as everyday wear. It relies on proprietary technologies such as CloudTec, Helion superfoam, Speedboard and LightSpray. It completed its IPO in 2021 and its Class A ordinary shares trade on the NYSE under "ONON".

In 2025, net sales were CHF 3,014.0 million, up 30.0% year over year. By product group, shoes generated CHF 2,804.4 million, apparel CHF 169.9 million and accessories CHF 39.6 million. By channel, wholesale accounted for CHF 1,753.4 million (58.2%) and direct-to-consumer (DTC) for CHF 1,260.5 million (41.8%). All products are engineered in Switzerland by in-house R&D teams. The company is expanding from a footwear-led business into a full sportswear brand, with apparel as a growth priority and its Training vertical centered predominantly on apparel. Its growth strategy has three pillars: strengthening its running foundations, expanding multi-channel distribution including its own retail and China, and entering new categories and head-to-toe offerings.

On sells through wholesale partners and its own DTC channels. The wholesale network spans run specialty, general sporting goods, outdoor, luxury and street fashion retailers, often with dedicated On shop-in-shops. DTC consists of an e-commerce platform launched in 2012 and 67 owned retail locations as of December 31, 2025, including 38 in China and Hong Kong. In China it also reaches consumers through a WeChat mini program and the Tmall and JD.com marketplaces. By region, the Americas generated 57.7% of 2025 net sales, EMEA 25.3% and Asia-Pacific 17.0%. Major markets include the US, China, Germany, Japan and the UK.

On does not own or operate any significant manufacturing facilities, apart from a Zurich facility opened in 2025 to make certain LightSpray products. Substantially all products are made by fewer than 30 third-party suppliers. Six partners accounted for about 70% of 2025 production. Footwear is made by 10 suppliers, 8 in Vietnam and 2 in Indonesia, and apparel and accessories come from 16 suppliers in countries including Vietnam, Turkey, China and Indonesia. Its most popular footwear models are always made by at least two suppliers. Distribution relies on highly automated warehouses: Atlanta is fully operational, and a Beringen, Belgium facility is expected to be fully operational in 2026. It also leases warehouses in Los Angeles and Luxembourg and regional offices in Portland, Shanghai, Berlin, London and New York. Competitors include Nike, adidas, Under Armour, Brooks, Hoka (Deckers), ASICS, New Balance, lululemon, Alo, Patagonia, Arc'teryx, Anta and Li-Ning. The company holds about 1,900 trademark registrations in over 100 jurisdictions, plus utility and design patents.