On Holding AG Expands into Football and Golf Amid Stock Decline
On Holding AG, the Swiss athletic footwear brand known for its Cloud sneakers, has seen its stock fall over 50% from an all-time high in January 2025. While sales continue to grow—up 21.6% year-over-year in constant currency during Q2—the pace of growth is slowing compared to previous expectations. The company now anticipates full-year growth in the low-20% range, down from a prior target floor of 23%. On has responded by expanding into new markets: football and golf. In September, On signed Kylian Mbappé as a global ambassador and brought on Thierry Henry to lead its football division. The company plans to launch football boots in 2027, aiming for credibility in the $49.9 billion global football apparel market dominated by Nike and Adidas. Additionally, On will enter the golf footwear and apparel segment with products launching in early 2027, targeting a younger demographic that aligns well with its premium brand strategy. At an investor day event in September, On outlined long-term financial targets through 2029: high-teens annual sales growth, at least $7 billion in net sales, and gross margins above 65%. The company also authorized a $1 billion stock buyback to support shareholder value.
Topics: Kylian Mbappé partnership On Holding sports apparel market stock performance