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    Aubrey Tianello • BNP Paribas

    Aubrey Tianello's questions to On Holding AG (ONON) leadership

    Aubrey Tianello's questions to On Holding AG (ONON) leadership • Q2 2025

    Question

    Aubrey Tianello from BNP Paribas Asset Management inquired about the impact of recent product launches like the Cloud 6 and CloudSurfer 2, and asked how On plans to maintain product momentum into 2026 when lapping these successful launches.

    Answer

    Co-Founder & Executive Co-Chairman David Allemann emphasized the strategy of building resilient product franchises, noting that nine distinct franchises now each contribute over 5% to top-line revenue. He highlighted the re-energized CloudSurfer and upcoming CloudBoom Max as current drivers. CEO & CFO Martin Hoffmann assured that the innovation pipeline remains strong for 2026, with planned launches for the next generation of the CloudMonster and CloudRunner franchises, which will compound on the growth from 2025's launches.

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    Aubrey Tianello's questions to On Holding AG (ONON) leadership • Q1 2025

    Question

    Aubrey Tianello from BNP Paribas requested an update on the performance of flagship stores outside of China and the company's progress toward its long-term goal of 10% revenue share from stores.

    Answer

    Co-CEO Martin Hoffmann reported that 18 of the 20 stores outside China have exceeded expectations on both revenue and profitability. He confirmed the company is on track to open 20-25 stores annually and achieve its 10% revenue share target, noting they might even exceed it given the current strength and same-store growth. He also highlighted the positive spillover effect from retail to e-commerce.

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    Aubrey Tianello's questions to On Holding AG (ONON) leadership • Q4 2024

    Question

    Aubrey Tianello asked about the new Cloud 6 shoe, inquiring about its expected contribution to 2025 growth and how its launch strategy and segmentation differ from the previous Cloud 5 model.

    Answer

    Executive Co-Chairman and Co-Founder David Allemann responded that the Cloud has become an iconic staple, especially with younger consumers, and is being positioned as a timeless classic. He noted that comfortable, easy slip-on shoes have a history of becoming enduring products. Allemann also mentioned that initial demand from retailers for the Cloud 6 is incredibly strong ahead of its official launch.

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    Aubrey Tianello's questions to On Holding AG (ONON) leadership • Q3 2024

    Question

    Aubrey Tianello from BNP Paribas asked for details on the product drivers behind the 50% D2C growth and the basis for confidence in accelerating revenue growth in Q4.

    Answer

    Co-CEO Marc Maurer explained that the D2C surge was driven by heightened brand awareness from the Olympics and celebrity partnerships, successful product launches like LightSpray, and enhanced e-commerce capabilities. CFO and Co-CEO Martin Hoffmann added that Q4 confidence stems from continued momentum, including a record October in APAC, which supports a full-price holiday strategy and preparations for key S/S '25 launches like the Cloud 6, all bolstered by an expanded 50-store retail footprint.

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    Aubrey Tianello's questions to Steven Madden Ltd (SHOO) leadership

    Aubrey Tianello's questions to Steven Madden Ltd (SHOO) leadership • Q2 2025

    Question

    Aubrey Tianello of BNP Paribas asked about the consumer response to price increases, elasticity by product category, and whether the average 10% price increase is still accurate. She also inquired about learnings from the Kurt Geiger acquisition and its path to becoming a billion-dollar brand.

    Answer

    Chairman and CEO Edward Rosenfeld stated that the average price increase remains around 10% and consumer acceptance has been positive, particularly for new fashion items like dress shoes and boots, with less pricing power in sandals and fashion sneakers. Regarding Kurt Geiger, Rosenfeld expressed increased confidence in its growth potential, highlighting the significant runway in the U.S. through brand awareness initiatives and retail expansion, as well as major international opportunities in Europe and other untapped markets.

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    Aubrey Tianello's questions to Steven Madden Ltd (SHOO) leadership • Q1 2025

    Question

    Aubrey Tianello asked about current consumer behavior, specifically if consumers are trying to make purchases before price increases take effect, and inquired about any progress on lobbying efforts in Washington for tariff relief.

    Answer

    CEO Ed Rosenfeld noted that consumer demand was "holding in there okay" in April, though it's hard to determine if it's driven by consumers trying to pre-buy. He acknowledged the recent dip in consumer confidence is a watchpoint. Regarding lobbying, he stated that while the industry trade group (FDRA) is active, there is no new information, and the company is operating under the assumption that current tariffs will remain in place.

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    Aubrey Tianello's questions to Steven Madden Ltd (SHOO) leadership • Q4 2024

    Question

    Aubrey Tianello of BNP Paribas inquired about the long-term growth and margin profile expected for the newly acquired Kurt Geiger brand, as well as the company's balance sheet leverage strategy following the transaction.

    Answer

    Chairman and CEO Edward Rosenfeld projected that Kurt Geiger has the potential for double-digit annual growth for several years. He noted its EBITDA margin was over 11% last year, but the 2025 operating margin is forecast at about 7.5% due to tariffs and amortization, with a long-term goal of reaching double-digit operating margins. Post-acquisition, the company will have a modest net debt position of about 0.5x EBITDA and aims to return to a neutral net debt level before resuming share repurchases.

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    Aubrey Tianello's questions to Steven Madden Ltd (SHOO) leadership • Q3 2024

    Question

    Aubrey Tianello of BNP Paribas asked for a breakdown of the updated 2024 revenue guidance between the wholesale and DTC channels. She also sought more color on the drivers of the handbag business's impressive growth and its sustainability.

    Answer

    Chairman and CEO Edward Rosenfeld clarified that the raised revenue guidance is driven by the wholesale channel, now expected to be up mid-teens (or 6-7% excluding Almost Famous), primarily due to continued strength in Steve Madden handbags. He stated the DTC outlook remains unchanged at high single-digit growth. Rosenfeld attributed the handbag success to a multiyear effort in product development, extending the life of popular items, and introducing new on-trend silhouettes and materials.

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    Aubrey Tianello's questions to Crocs Inc (CROX) leadership

    Aubrey Tianello's questions to Crocs Inc (CROX) leadership • Q1 2025

    Question

    Aubrey Tianello asked about the timeframe required to relocate production from China if high tariffs persist and which specific business segments are most reliant on Chinese sourcing.

    Answer

    CEO Andrew Rees detailed that the remaining Crocs brand production could be shifted from China within six months, while the more significant HEYDUDE volume could be moved within twelve months. He clarified that the sourcing is not concentrated in any specific product line, such as kids' footwear, and expressed confidence in their ability to maintain supply.

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    Aubrey Tianello's questions to Crocs Inc (CROX) leadership • Q2 2024

    Question

    Aubrey Tianello of BNP Paribas inquired about the results of Heydude's top-of-funnel marketing shift, future investment plans, and the status of the brand's leadership. She also asked about the capital allocation strategy, particularly share repurchases, for the second half of the year.

    Answer

    CEO Andrew Rees, currently leading the brand, noted positive results from the marketing shift, with aided awareness rising to 35%, and affirmed continued investment. CFO Susan Healy stated that while capital allocation is not pre-committed, the company views its stock as an excellent value and will continue to deploy free cash flow to share buybacks and debt repayment within its target leverage range.

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