On Holding AG

On designs and sells athletic footwear, apparel, and accessories. In 2025, the company's net sales increased by 30.0% to CHF 3,014.0 million compared to 2024. This growth was driven by strong consumer demand across sales channels, product categories, and geographic regions, along with strategic expansion into new products and markets. On distributes its products through two main channels: wholesale and direct-to-consumer (DTC). The wholesale channel, which accounted for 58.2% of net sales in 2025, involves partnerships with general sporting, specialty running, outdoor, fashion, and lifestyle retailers globally. Key accounts include Dick's Sporting Goods, JD Sports, and Foot Locker. The DTC channel, comprising e-commerce sites and store revenue, represented 41.8% of net sales in 2025. As of December 31, 2025, On operates 67 retail locations globally. This includes 14 retail stores in the Americas, 10 in Europe, and 5 in Asia Pacific (excluding China). Additionally, the company has 38 locations in China, including Hong Kong, which consist of both mall-based and standalone retail stores. On's product portfolio is built on proprietary technologies such as CloudTec, CloudTec Phase, Helion superfoam, and Speedboard. In 2025, the company advanced its LightSpray technology and introduced new products leveraging these innovations, which significantly contributed to the net sales increase.