On Holding AG (On) is a Swiss-based premium performance sportswear brand that specializes in designing and manufacturing innovative, high-performance footwear, apparel, and accessories. The company focuses on enhancing athletic performance and comfort through cutting-edge technologies while emphasizing sustainability in its product development. On operates globally, catering to athletes and everyday users with products for running, outdoor activities, training, and lifestyle wear.
- Shoes - Develops and sells high-performance footwear for running, outdoor activities, training, and all-day wear, featuring proprietary technologies like CloudTec and Helion superfoam.
- Apparel - Offers performance and lifestyle clothing designed for comfort and functionality in sports and everyday use.
- Accessories - Provides complementary products such as socks and caps to enhance the overall sportswear experience.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Caspar Coppetti ExecutiveBoard | Executive Co-Chairman | Board Member at InnHub La Punt AG | Caspar Coppetti, one of the Co-Founders of ONON, has been serving as the Executive Co-Chairman since April 2021 after previously holding the role of Chairman and Global Sales Director from January 2010. He has also been a Board Member since 2012. | |
David Allemann ExecutiveBoard | Executive Co-Chairman of the Board of Directors | David Allemann is the Executive Co-Chairman of On Holding AG since April 2021 and a Co-Founder since January 2010. He previously held senior roles at Vitra, Young & Rubicam, and McKinsey & Company. | ||
Olivier Bernhard ExecutiveBoard | Executive Board Member | Olivier Bernhard is a co-founder and Executive Board Member at ONON, having served since January 2010. He has leveraged his experience as a professional athlete to drive the development of premium athletic sportswear, contributing significantly to the brand’s success. | ||
Martin Hoffmann Executive | Chief Executive Officer | Martin Hoffmann is the Chief Executive Officer of On Holding AG since July 1, 2025. He previously served as CFO (from July 2013) and Co-CEO (since January 2021), playing a key role in the company's strategic growth. | View Report → | |
Alex Pérez Board | Board of Directors Member | Founder and Managing Partner at Point Break Capital Management LLC; Limited Partner at Point Break Capital LP; Member and Director at Point Break Capital GP Ltd | Alex Pérez has served on the Board of Directors at ONON since December 2016 and holds additional committee roles, including Audit Committee member since February 2017 and Chair of the Nomination and Compensation Committee since May 2022. Previously, he founded Point Break Capital Management LLC in 2012 and was a founding partner of 3G Capital from 2002 to 2011. | |
Amy Banse Board | Director | Director and Chair of Compensation Committee at Adobe Inc.; Director at Lennar Corporation; Director at Anchor Group, Inc. | Amy Banse has served as a board director at ONON since September 2021 and is an active member of the nomination and compensation committee, bringing extensive experience from her leadership roles at Comcast and beyond. | |
Dennis Durkin Board | Board Member and Chairman of the Audit Committee | Board Member of Oura Health Oy; Board Member of WebAI | Dennis Durkin joined ONON as a board observer in September 2021 and became a board member and chairman of the audit committee in May 2022. Previously, he held significant roles at Microsoft and Activision Blizzard, including CFO and Chief Corporate Officer. | |
Helena Helmersson Board | Independent Member of the Board of Directors | Board Member at Quizrr; Chairperson of Circulose | Helena Helmersson was elected as an independent board member of ONON on May 22, 2025. She has an extensive background in the fashion industry, having served in executive roles at H&M Group from 1997 through 2024. | |
Laura Miele Board | Director | President of EA Entertainment & Central Development; Governor of the British Film Institute; Member of NAACP Entertainment Advocacy Council; Advisory Board Member for The Game Awards | Laura Miele has been a Director and Audit Committee member at ONON since May 2024. She has an extensive background in the entertainment and technology sectors, previously serving as a board consultant at ONON from August 2023 through April 2024 while also holding senior roles at Electronic Arts and participating in prestigious organizations. |
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Given the current 10% additional tariff in Vietnam and the depreciation of key operating currencies, how does management plan to mitigate these headwinds while still maintaining its premium pricing power and margins?
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With D2C net sales growing significantly and outperforming wholesale this quarter, what specific measures are in place to ensure that the growth in wholesale order book remains robust and doesn’t face a slowdown or inventory buildup?
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Apparel net sales surged by 93.1% YoY, yet it remains a smaller portion of the overall business; how will management balance the aggressive expansion in apparel across both D2C and wholesale channels without cannibalizing its core footwear business?
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As the automation project in Atlanta is still in the live testing phase, could you detail the timeline and risk mitigation steps if full-load automation delays occur, and how these might impact overall D2C and B2B processing?
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In light of the recent leadership evolution and the ongoing search for a new CFO, what concrete steps is management taking to ensure continuity in financial strategy and operational efficiency during this transition period?
Research analysts who have asked questions during On Holding AG earnings calls.
Aubrey Tianello
BNP Paribas
4 questions for ONON
Cristina Fernandez
Telsey Advisory Group
4 questions for ONON
Jay Sole
UBS
4 questions for ONON
Anna Andreeva
Piper Sandler
3 questions for ONON
Jonathan Komp
Robert W. Baird & Co.
3 questions for ONON
Alexandra Straton
Morgan Stanley
2 questions for ONON
John Kernan
Cowen Inc.
2 questions for ONON
Michael Binetti
Evercore ISI
2 questions for ONON
Aneesha Sherman
Bernstein
1 question for ONON
Chad Britnell
Morgan Stanley
1 question for ONON
Dylan Carden
William Blair & Company
1 question for ONON
James Duffy
Stifel Financial Corp.
1 question for ONON
Janine Stichter
BTIG
1 question for ONON
Nisha Sherman
Bernstein
1 question for ONON
Peter McGoldrick
Stifel Financial Corp.
1 question for ONON
Rakesh Patel
Raymond James
1 question for ONON
Tom Nikic
Wedbush Securities
1 question for ONON
Recent press releases and 8-K filings for ONON.
- On Holding AG reported strong Q2 2025 net sales of CHF 749.2 million, an increase of 38.2% on a constant currency basis year-over-year.
- The company achieved a gross profit margin of 61.5% and an adjusted EBITDA margin of 18.2% in Q2 2025, reflecting a 160 basis point and 220 basis point year-over-year expansion, respectively.
- On Holding AG raised its full-year 2025 guidance, now expecting constant currency net sales growth of at least 31% (up from 28%), a gross profit margin of 60.5% to 61% (up from 60% to 60.5%), and an adjusted EBITDA margin of 17% to 17.5% (up from 16.5% to 17.5%).
- Growth was broad-based across regions, with APAC net sales up 110.9% constant currency, EMEA up 46.1% constant currency, and Americas up 23.6% constant currency in Q2 2025. The Direct-to-Consumer (D2C) channel saw net sales increase by 54.3% constant currency, reaching 41.1% of total sales.
- Despite new tariffs on imports to the U.S. from Vietnam (40%) and Indonesia (39%), the company is confident in its ability to maintain its gross profit margin target of 60% plus due to its premium brand positioning, increased D2C mix, and operational efficiencies.
- On Holding AG reported record quarterly net sales of CHF 726.6 million for the first quarter ended March 31, 2025, representing a 43.0% year-over-year increase (40.0% on a constant currency basis).
- The company achieved a gross profit margin of 59.9% and an adjusted EBITDA margin of 16.5% in Q1 2025.
- Growth was driven by strong performance in both the direct-to-consumer channel, which grew 45.3%, and wholesale, which grew 41.5%.
- On raised its full-year 2025 net sales guidance, now expecting at least 28% growth on a constant currency basis, equivalent to CHF 2.86 billion.
- For the full year 2025, the company anticipates a gross profit margin in the range of 60.0% - 60.5% and an adjusted EBITDA margin in the range of 16.5% - 17.5%.