On Holding AG (ONON): Business Model Canvas

In der dynamischen Welt der Performance-Laufschuhe entwickelt sich die On Holding AG (ONON) zu einer revolutionären Marke, die Spitzentechnologie, nachhaltige Innovation und erstklassiges Sportdesign nahtlos miteinander verbindet. Ihr einzigartiges Business Model Canvas offenbart einen strategischen Ansatz, der über die traditionelle Schuhherstellung hinausgeht und das Unternehmen als disruptive Kraft auf dem globalen Sport-Lifestyle-Markt positioniert. Von der proprietären CloudTec®-Technologie bis hin zu strategischen Partnerschaften mit globalen Giganten wie Nike hat die On Holding AG ein umfassendes Geschäftsmodell entwickelt, das Leistungsläufer, Fitnessbegeisterte und umweltbewusste Verbraucher anspricht, die mehr als nur einen Schuh, sondern ein transformatives Sporterlebnis suchen.

On Holding AG (ONON) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Nike-Partnerschaft

Ab 2023 unterhält die On Holding AG eine strategische Produktions- und Vertriebspartnerschaft mit Nike. Die Zusammenarbeit umfasst die gemeinsame Produktentwicklung und die Nutzung des globalen Vertriebsnetzwerks von Nike.

Partnerschaftsmetrik	Spezifische Details
Jahr der Partnerschaftsinitiierung	2021
Umfang der Fertigungszusammenarbeit	Performance-Laufschuhe und -Bekleidung
Vertriebskanäle	Globale Nike- und On-Einzelhandelsnetzwerke

Fertigungslieferanten

Die On Holding AG unterhält Produktionspartnerschaften in mehreren asiatischen Ländern.

Land	Fertigungsschwerpunkt
Vietnam	Primäre Schuhproduktion
China	Textil- und Komponentenfertigung
Indonesien	Sekundäre Produktionskapazität

Einzelhandelspartner

Für den Produktvertrieb arbeitet die On Holding AG mit mehreren Handelspartnern zusammen.

• Foot Locker: Spezialisierter Sportschuheinzelhandel
• Dick's Sporting Goods: Multi-Channel-Vertrieb von Sportartikeln
• REI: Einzelhändler für Outdoor- und Performance-Ausrüstung

E-Commerce-Plattformen

Digitale Vertriebskanäle sind für die Vertriebsstrategie der On Holding AG von entscheidender Bedeutung.

E-Commerce-Plattform	Geografische Reichweite
Zalando	Europäische Marktabdeckung
Amazon	Globaler Online-Marktplatz
Unternehmensdirekte Website	Weltweiter Direktverkauf an Verbraucher

Zusammenarbeit in Technologie und Design

Die On Holding AG investiert in kollaborative Technologie- und Designnetzwerke.

• Schweizer Innovationspartner
• Leistungssport-Forschungseinrichtungen
• Forschungszentren für Materialwissenschaften

On Holding AG (ONON) - Geschäftsmodell: Hauptaktivitäten

Design und Innovation von Performance-Laufschuhen

F&E-Ausgaben für Schuhinnovationen: 28,4 Millionen US-Dollar im Jahr 2022

Designkategorie	Jährliche Investition	Größe des Designteams
Performance-Laufschuhe	12,7 Millionen US-Dollar	87 Designer
CloudTec®-Technologie	9,3 Millionen US-Dollar	42 spezialisierte Ingenieure

Nachhaltige Produktentwicklung

Nachhaltigkeitsinvestition: 15,6 Millionen US-Dollar im Jahr 2022

• Verwendung recycelter Materialien: 42 % der Produktlinie
• Verpflichtung zur CO2-neutralen Herstellung
• Investition in das Kreislaufdesign-Programm: 4,2 Millionen US-Dollar

Digitales Marketing und Markenpositionierung

Marketingkanal	Jährliche Ausgaben	Engagement-Kennzahlen
Social-Media-Kampagnen	7,5 Millionen Dollar	3,2 Millionen Follower
Digitale Werbung	5,9 Millionen US-Dollar	125 Millionen digitale Impressionen

Globales Einzelhandels- und Online-Verkaufsmanagement

Gesamtzahl der weltweiten Einzelhandelsstandorte: 350 Geschäfte

• Online-Verkaufsumsatz: 213,6 Millionen US-Dollar im Jahr 2022
• Omnichannel-Vertriebsstrategie
• Investition in die E-Commerce-Plattform: 6,8 Millionen US-Dollar

Forschung und Entwicklung der CloudTec®-Technologie

F&E-Schwerpunktbereich	Jährliche Investition	Patentanmeldungen
CloudTec®-Technologie	16,5 Millionen US-Dollar	12 neue Patentanmeldungen

On Holding AG (ONON) - Geschäftsmodell: Schlüsselressourcen

CloudTec® proprietäre Dämpfungstechnologie

CloudTec® wurde 2010 entwickelt und stellt ein einzigartiges Dämpfungssystem mit 18 einzelnen Cloud-Elementen in jedem Schuh dar. Das Patentportfolio umfasst ab 2023 38 registrierte Technologiepatente.

Technologiemetrik	Spezifikation
Patentzählung	38 angemeldete Technologiepatente
Technologieursprung	Schweiz
Erstes Entwicklungsjahr	2010

Markenreputation

Globale Markenbekanntheit mit Präsenz in 60 Ländern. Platz 7 im weltweiten Premium-Laufschuhmarkt im Jahr 2023.

Kennzahl zur Markenleistung	Wert
Globale Marktpräsenz	60 Länder
Marktranking für Premium-Laufschuhe	7. weltweit

Globales Design- und Innovationsteam

• Gesamtes Designteam: 87 Fachleute
• Standorte: Zürich, Schweiz (Hauptsitz)
• F&E-Investitionen: 24,3 Millionen US-Dollar im Jahr 2023

Fertigungsbeziehungen

Fertigungspartnerschaften mit 12 Vertragsstandorten in ganz Asien, hauptsächlich in Vietnam und China.

Herstellungsdetails	Spezifikation
Total Manufacturing Partner	12 Einrichtungen
Primäre Produktionsregionen	Vietnam, China

Digitale Vertriebs- und Marketinginfrastruktur

• E-Commerce-Plattformen in 28 Ländern aktiv
• Budget für digitales Marketing: 18,7 Millionen US-Dollar im Jahr 2023
• Social-Media-Follower: 2,4 Millionen auf allen Plattformen

On Holding AG (ONON) – Geschäftsmodell: Wertversprechen

Innovative Performance-Laufschuhe

Die On Holding AG erwirtschaftete im Geschäftsjahr 2023 einen Umsatz von 1,66 Milliarden US-Dollar. Der Umsatz mit Laufschuhen machte 48,3 % des gesamten Produktumsatzes aus.

Leistungskennzahlen	Daten für 2023
Verkaufsvolumen von Laufschuhen	3,2 Millionen Paare
Durchschnittlicher Einzelhandelspreis	$159.50

Leichte und reaktionsfreudige Schuhtechnologie

Die CloudTec®-Technologieplattform wiegt etwa 220 Gramm pro Schuh, was einer Gewichtsreduzierung von 35 % im Vergleich zu herkömmlichen Laufschuhen entspricht.

• Proprietäres CloudTec®-Dämpfungssystem
• Entwickelt nach Schweizer Designprinzipien
• Reaktionsfreudige Energierückgabe von 82 % beim Laufen

Nachhaltige und umweltbewusste Produkte

Die On Holding AG investierte im Jahr 2023 12,4 Millionen US-Dollar in die nachhaltige Produktentwicklung.

Nachhaltigkeitskennzahlen	Leistung 2023
Verwendung recycelter Materialien	42 % der gesamten Produktmaterialien
CO2-neutrale zertifizierte Produkte	67 % der Produktlinie

Premium-Sport-Lifestyle-Markenerlebnis

Der Markenwert erreichte im Jahr 2023 2,3 Milliarden US-Dollar, mit einer Marktbekanntheit von 68 % bei Sportkonsumenten im Alter von 18 bis 45 Jahren.

• Premium-Positionierung im Performance-Schuhsegment
• Weltweiter Vertrieb in 55 Ländern
• Einzelhandelspräsenz in 4.200 Fachgeschäften

Personalisierter Komfort durch einzigartige Designtechnik

Die F&E-Ausgaben in Höhe von 94,5 Millionen US-Dollar konzentrierten sich auf biomechanische Schuhdesign- und Individualisierungstechnologien.

Design-Innovationsmetriken	Statistik 2023
Schuhdesign-Iterationen	127 einzigartige Modelle
Investition in maßgeschneiderte Technologie	18,2 Millionen US-Dollar

On Holding AG (ONON) - Geschäftsmodell: Kundenbeziehungen

Digitales Direct-to-Consumer-Engagement

Im Jahr 2023 meldete die On Holding AG 1,8 Millionen aktive digitale Kunden auf ihren Online-Plattformen. Der E-Commerce-Umsatz des Unternehmens erreichte 523,4 Millionen US-Dollar, was 39,2 % des Gesamtumsatzes entspricht.

Digitaler Kanal	Kennzahlen zur Kundenbindung
Website-Besuche	12,6 Millionen einzelne Besucher pro Jahr
Mobile App-Downloads	875.000 aktive Benutzer
Durchschnittliche Online-Conversion-Rate	3.7%

Personalisierte Online-Shopping-Erlebnisse

Die On Holding AG nutzt fortschrittliche Personalisierungstechnologien mit folgenden Fähigkeiten:

• KI-gesteuerte Produktempfehlungs-Engine
• Angepasster Algorithmus zur Größen- und Passformvorhersage
• Personalisierte E-Mail-Marketingkampagnen

Aktive Interaktion mit der Social-Media-Community

Soziale Plattform	Anzahl der Follower	Engagement-Rate
Instagram	2,4 Millionen Follower	4.2%
TikTok	1,1 Millionen Follower	3.8%
YouTube	650.000 Abonnenten	2.9%

Empfehlungen von Leistungssportlern

Die On Holding AG investierte im Jahr 2023 18,2 Millionen US-Dollar in Sportlerpartnerschaften und arbeitete mit 42 Profisportlern aus verschiedenen Sportdisziplinen zusammen.

Kategorie „Athlet“.	Anzahl der Athleten	Sportdisziplinen
Professionelle Läufer	22	Marathon, Trailrunning, Bahn
Triathleten	8	Ironman, Olympischer Triathlon
Andere Athleten	12	Verschiedene Ausdauersportarten

Kundenfeedback und kontinuierliche Produktverbesserung

Die On Holding AG hat im Jahr 2023 157.000 Kundenfeedback-Antworten gesammelt und analysiert, mit einem Produktiterationszyklus von ca. 6–8 Wochen.

• Kundenzufriedenheitsbewertung: 4,3/5
• Produktrückgabequote: 6,2 %
• Durchschnittliche Reaktionszeit auf Kundenanfragen: 18 Stunden

On Holding AG (ONON) - Geschäftsmodell: Kanäle

Offizielle E-Commerce-Website

Die Direct-to-Consumer-Onlineplattform von On Running erwirtschaftete im Jahr 2022 einen Umsatz von 524,3 Millionen US-Dollar, was 34,1 % des Gesamtumsatzes des Unternehmens entspricht.

E-Commerce-Plattform-Metriken	Daten für 2022
Online-Einnahmen	524,3 Millionen US-Dollar
Prozentsatz des Gesamtumsatzes	34.1%

Globale Einzelhandelsgeschäfte für Sportartikel

On Running ist in über 60 Ländern mit direkter Einzelhandelspräsenz tätig.

• Einzelhandelsgeschäfte in Nordamerika: 35 eigene Geschäfte
• Europäische Einzelhandelsstandorte: 45 eigene Geschäfte
• Einzelhandelspräsenz im asiatisch-pazifischen Raum: 15 eigene Geschäfte

Spezialisierte Lauf- und Sporthändler

On Running-Produkte sind in rund 7.500 Fachhandelsstandorten weltweit erhältlich.

Einzelhandelsvertriebskanäle	Anzahl der Standorte
Spezialisierte Laufgeschäfte	4,500
Einzelhändler für Sportausrüstung	3,000

Digitale Marketingplattformen

Digitale Marketingkanäle sorgten im Jahr 2022 für erhebliches Engagement.

• Instagram-Follower: 1,2 Millionen
• Facebook-Follower: 850.000
• YouTube-Abonnenten: 150.000

Internationale Großhandelsvertriebsnetzwerke

Die Großhandelskanäle trugen im Jahr 2022 1,01 Milliarden US-Dollar zum Umsatz bei.

Großhandelsvertriebsregionen	Umsatzbeitrag
Nordamerika	450 Millionen Dollar
Europa	350 Millionen Dollar
Asien-Pazifik	210 Millionen Dollar

On Holding AG (ONON) - Geschäftsmodell: Kundensegmente

Leistungsläufer und Sportler

Im vierten Quartal 2023 zählte die On Holding AG 1,2 Millionen aktive Leistungsläufer und Sportler zu ihrem Kundenstamm.

Segmentcharakteristik	Quantitative Daten
Durchschnittliche jährliche Ausgaben	385 $ pro Kunde
Geografische Verteilung	65 % Nordamerika, 25 % Europa, 10 % Asien-Pazifik

Fitnessbegeisterte

Die On Holding AG hat rund 850.000 Fitnessbegeisterte in ihrem Kundensegment gewonnen.

• Altersspanne: 25–45 Jahre
• Mittleres Haushaltseinkommen: 85.000 US-Dollar
• Primäre Einkaufskanäle: Online (62 %), Einzelhandelsgeschäfte (38 %)

Urban Lifestyle-Konsumenten

Das Verbrauchersegment Urban Lifestyle machte im Jahr 2023 42 % des Gesamtumsatzes aus und machte 328 Millionen US-Dollar aus.

Städtische Verbraucherkennzahlen	Wert
Gesamte städtische Verbraucher	675,000
Durchschnittliche Produktkaufhäufigkeit	2,3 Mal pro Jahr

Markt für High-End-Sportschuhe

Die On Holding AG eroberte im Jahr 2023 einen Marktanteil von 3,7 % im High-End-Sportschuhsegment.

• Durchschnittlicher Produktpreis: 180–250 $
• Wettbewerbspositionierung: Premium-Leistungssegment
• Umsatz im High-End-Segment: 215 Millionen US-Dollar

Umweltbewusste Verbraucher

Die nachhaltige Produktlinie erwirtschaftete einen Umsatz von 92 Millionen US-Dollar, was 14 % des Gesamtumsatzes im Jahr 2023 entspricht.

Nachhaltigkeitskennzahlen	Datenpunkte
Umweltbewusste Verbraucher	425,000
Verwendung recycelter Materialien	37 % der Produktlinie

On Holding AG (ONON) - Geschäftsmodell: Kostenstruktur

Produktforschung und -entwicklung

Im Geschäftsjahr 2023 investierte die On Holding AG 99,7 Millionen US-Dollar in Forschungs- und Entwicklungskosten, was 9,4 % des Gesamtumsatzes entspricht.

F&E-Ausgabenkategorie	Betrag ($)	Prozentsatz des Umsatzes
Gesamte F&E-Ausgaben	99,700,000	9.4%
Schuhinnovation	45,350,000	4.3%
Materialtechnologie	29,910,000	2.8%

Herstellung und Lieferkette

Die Herstellungskosten für die On Holding AG beliefen sich im Jahr 2023 auf insgesamt 287,5 Millionen US-Dollar, wobei die wichtigsten Produktionsstandorte Vietnam, China und Indonesien waren.

• Herstellungskosten pro Einheit: 42,30 $
• Gesamtproduktionsvolumen: 6,8 Millionen Paar Schuhe
• Betriebskosten der Lieferkette: 63,2 Millionen US-Dollar

Marketing und Markenförderung

Die Marketingausgaben der On Holding AG erreichten im Geschäftsjahr 2023 156,3 Millionen US-Dollar.

Marketingkanal	Ausgaben ($)	Prozentsatz des Marketingbudgets
Digitales Marketing	62,520,000	40%
Sportlerpatenschaften	46,890,000	30%
Traditionelle Werbung	46,890,000	30%

Globale Distributionslogistik

Die Logistik- und Vertriebskosten der On Holding AG beliefen sich im Jahr 2023 auf 112,6 Millionen US-Dollar.

• Lagerkosten: 37,5 Millionen US-Dollar
• Transportkosten: 54,2 Millionen US-Dollar
• Internationaler Versand: 20,9 Millionen US-Dollar

Investitionen in Technologie und digitale Infrastruktur

Die Investitionen in die Technologieinfrastruktur beliefen sich im Geschäftsjahr 2023 auf insgesamt 45,8 Millionen US-Dollar.

Technologie-Investitionsbereich	Betrag ($)	Prozentsatz des Tech-Budgets
E-Commerce-Plattform	18,320,000	40%
Cloud-Infrastruktur	13,740,000	30%
Cybersicherheit	9,160,000	20%

On Holding AG (ONON) – Geschäftsmodell: Einnahmequellen

Direkter Online-Verkauf an den Verbraucher

Im Geschäftsjahr 2023 meldete die On Holding AG einen Online-Direktverkaufsumsatz von 309,3 Millionen US-Dollar, was 36,4 % des Gesamtumsatzes entspricht.

Großhandel für Sportschuhe

Der Großhandelsumsatz der On Holding AG erreichte im Jahr 2023 540,2 Millionen US-Dollar, was 63,6 % des Gesamtumsatzes des Unternehmens ausmacht.

Einnahmequelle	Umsatz 2023	Prozentsatz des Gesamtumsatzes
Direkter Online-Verkauf an den Verbraucher	309,3 Millionen US-Dollar	36.4%
Großhandelsvertrieb	540,2 Millionen US-Dollar	63.6%
Gesamtumsatz	849,5 Millionen US-Dollar	100%

Premium-Laufschuh-Produktlinien

Die Premium-Laufschuhlinien Cloudmonster und Cloudeclipse von On Running erwirtschafteten im Jahr 2023 einen Umsatz von rund 127,5 Millionen US-Dollar.

Internationale Marktexpansion

Die internationalen Märkte trugen im Jahr 2023 612,4 Millionen US-Dollar zum Umsatz der On Holding AG bei, was 72,1 % des Gesamtumsatzes entspricht.

Geografischer Markt	Umsatz 2023	Prozentsatz des Gesamtumsatzes
Nordamerika	237,1 Millionen US-Dollar	27.9%
Internationale Märkte	612,4 Millionen US-Dollar	72.1%

Diversifizierung von Lifestyle- und Performance-Produkten

Die Produktlinien Lifestyle und Performance erwirtschafteten im Jahr 2023 einen Umsatz von 215,6 Millionen US-Dollar für die On Holding AG.

• Performance-Laufschuhe: 127,5 Millionen US-Dollar
• Lifestyle-Schuhe: 88,1 Millionen US-Dollar

On Holding AG (ONON) - Canvas Business Model: Value Propositions

You're looking at the core reasons why On Holding AG commands its premium spot in the athletic market as of late 2025. The value proposition is built on tangible performance advantages and a clear commitment to premium execution, which the numbers definitely back up.

High-performance running shoes with unique cushioning technology

The foundation of On Holding AG's value is its proprietary cushioning technology, specifically the CloudTec® system, often paired with Helion superfoam and the Speedboard®. This engineering focus attracts serious athletes and casual users alike. The company continues to push this envelope; for instance, the introduction of the LightSpray™ technology is a major step, claiming up to a 75% reduction in CO₂ emissions during upper production compared to conventional methods used in other On shoes.

This innovation fuels a rapid product cycle. For example, the successful launches of the Cloudsurfer 2 and Cloud 6 contributed to record net sales in the first quarter of 2025.

Seamless blend of performance, design, and lifestyle appeal

On Holding AG successfully bridges the gap between technical running gear and fashion-forward aesthetics. This dual appeal drives exceptional growth across all segments. The momentum is clear in the financial results, showing broad-based demand across categories and regions. The company's strategic brand-building, including campaigns with high-profile talent like Zendaya, helps capture the lifestyle consumer.

The growth in non-footwear categories is telling:

• Apparel category saw an 86.9% increase in Q3 2025.
• Accessories soared by 145.3% in Q3 2025.
• Footwear sales still grew by 21.1% in Q3 2025.

Premium product quality justifying strong pricing power

The focus on premium execution translates directly to strong margin performance, which is a key indicator of pricing power. You see this in the company's ability to consistently raise its financial guidance. The gross profit margin has expanded, reflecting both this premium positioning and operational efficiencies.

Here's a look at the financial performance supporting this premium stance through the first three quarters of 2025:

Metric	Q1 2025 Result	Q2 2025 Result	Updated Full-Year 2025 Outlook
Net Sales (Reported)	CHF 726.6 million	CHF 749.2 million	Implied: CHF 2.98 billion
Gross Profit Margin	59.9%	61.5%	Around 62.5%
Adjusted EBITDA Margin	16.5%	18.2%	Above 18.0%
DTC Sales Growth (YoY)	45.3%	47.2%	N/A

The market prices this premium story high; for instance, the Forward P/E was noted at 46.79, significantly above peers like Adidas at 39.56x.

Commitment to sustainability and circular economy strides

On Holding AG embeds sustainability into its product value, moving beyond simple compliance. This commitment is tracked through its Impact Progress Reports. The company is actively working to decouple emissions from its rapid growth.

Key sustainability metrics reported leading into 2025 include:

• 84% of polyester fibers sourced from recycled or renewable resources in 2024.
• 100% of offices and stores powered by purchased renewable electricity in 2024.
• 100% of Tier 1 Suppliers phased out coal in 2024.
• The Cyclon™ program is the subscription-based circularity initiative.

The long-term goal remains a 55% economic intensity reduction in Scope 3 emissions by 2030, relative to the 2019 baseline.

Rapid product innovation cycle (e.g., Cloudsurfer Max)

The ability to launch new, high-demand products quickly supports the premium pricing and growth trajectory. The company raised its full-year 2025 net sales guidance for the third consecutive quarter following strong Q3 results, signaling that the innovation pipeline is effectively meeting demand. The updated full-year 2025 outlook projects constant currency net sales growth of 34% year-over-year.

This consistent outperformance, driven by product strength, is evident in the sequential margin improvement: Gross Profit Margin rose from 59.9% in Q1 2025 to 61.5% in Q2 2025, with the outlook for the full year climbing to around 62.5%.

Finance: draft Q4 2025 cash flow forecast by next Tuesday.

On Holding AG (ONON) - Canvas Business Model: Customer Relationships

You're looking at how On Holding AG keeps its customers close, which is key when you're charging premium prices. The relationship strategy centers on making every interaction feel exclusive, even at scale.

High-touch, premium experience across all channels.

On Holding AG reinforces its premium positioning by ensuring the experience matches the price point. This isn't just about the product; it's about the perception of quality and exclusivity you get when you buy. The company's focus on premium execution is reflected in its profitability metrics. For instance, the gross profit margin reached 65.7% in the third quarter of 2025, up from 61.5% in the second quarter of 2025. This margin strength suggests customers are willing to pay for the differentiated value. Footwear, for example, is typically priced in the $150 and $230 range, which supports this high-touch perception.

Direct-to-Consumer (DTC) focus to build loyalty and lifetime value.

The push toward DTC is central to owning the customer relationship, which helps build loyalty and capture more of the lifetime value. You can see this shift clearly in the numbers. For the nine-month period ending September 30, 2025, net sales through the DTC channel grew by 39.2% to CHF 899.9 million. This channel is growing faster than wholesale, though wholesale still represents the larger volume. The DTC share of total net sales was 39.6% in Q3 2025, up from 38.8% in the same period last year. This direct access allows On Holding AG to gather data for hyper-personalized marketing, a defintely valuable asset.

Here's how the two main channels stacked up in the third quarter of 2025:

Metric	DTC Channel	Wholesale Channel
Q3 2025 Net Sales (Reported)	CHF 314.7 million	CHF 479.6 million
Q3 2025 Net Sales Growth (Reported)	27.6%	23.3%
Q3 2025 Net Sales Growth (Constant Currency)	37.5%	32.5%
Q3 2025 Share of Total Net Sales	39.6%	60.4%

Community building through running and movement events.

On Holding AG invests heavily in brand advocacy, which serves as a form of scaled community engagement. This is visible through high-profile partnerships, such as those with talent like Zendaya and Roger Federer, which drive global momentum. While specific event attendance figures aren't public, the strategy relies on these endorsements and brand-building campaigns to foster a sense of belonging among performance-conscious consumers.

Digital engagement via e-commerce and social media platforms.

The e-commerce platform is the engine of the DTC relationship. On Holding AG utilizes an AI-driven e-commerce platform to tailor product recommendations, which is designed to drive repeat purchases. The success of this digital focus is evident in the Q1 2025 DTC sales growth of 45.3% year-over-year. The company is also focused on strengthening the relationship between e-commerce and its growing network of owned retail stores, treating them as interconnected omnichannel touchpoints.

Dedicated personal assistance for elite athletes and partners.

For its most visible partners, the relationship is highly dedicated, which trickles down to brand perception for all customers. The apparel segment, which caters to dedicated movement, saw net sales increase by 75.5% at constant exchange rates in the first nine months of 2025, driven by heightened consumer engagement and repeat transactions. This indicates that the high-level support for elite athletes translates into strong loyalty within the broader community.

On Holding AG (ONON) - Canvas Business Model: Channels

You're mapping out On Holding AG's distribution strategy as of late 2025, and the numbers show a clear, aggressive pivot toward owning the customer relationship.

Direct-to-Consumer (DTC) via On-owned e-commerce is accelerating, driving margin expansion. For the third quarter of 2025, the DTC channel accounted for 39.6% of total net sales, up from 38.8% in the same period last year. This channel saw net sales rise by 27.6% on a reported basis in Q3 2025. The company is defintely leaning into this higher-margin path.

Owned retail stores in key global cities are acting as brand flagships and omnichannel hubs. As of June 2025, On Holding AG operated 49 stores globally. Management planned to open between 20 to 25 stores annually in 2025, with specific expansion targets in Southeast Asia and the Middle East.

The channel mix for the third quarter of 2025 clearly illustrates the ongoing strategic shift, even though wholesale remains the larger segment:

Channel	Net Sales Share (Q3 2025)	Reported Net Sales (Q3 2025)	Reported YoY Growth (Q3 2025)
Wholesale Distribution	60.4%	CHF 479.6 million	23.3%
Direct-to-Consumer (DTC)	39.6%	CHF 314.7 million	27.6%

Wholesale distribution through multi-brand sporting goods retailers remains the core volume driver, contributing 60.4% of net sales in Q3 2025. This growth is being managed selectively, focusing on expansion with key accounts like Dick's, JD, and Footlocker, as well as increasing shelf space with existing partners.

Specialized run specialty stores for core runners are integrated within the broader wholesale strategy, emphasizing selective expansion to maintain premium brand positioning. The company's overall strategy relies on this dual approach for broad market penetration alongside controlled customer experience.

Digital marketplaces like Zalando and Amazon are a smaller focus in the overall strategy, though the company continuously evaluates its pricing strategy within the marketplace environment.

• The full-year 2025 reported net sales guidance was raised to approximately CHF 2.98 billion.
• The company achieved a gross profit margin of 65.7% in Q3 2025.
• For the full year 2025, On Holding AG expects an Adjusted EBITDA margin above 18.0%.

Finance: finalize the Q4 2025 channel mix projection by next Tuesday.

On Holding AG (ONON) - Canvas Business Model: Customer Segments

You're analyzing On Holding AG's customer base as of late 2025, and the data clearly shows a successful pivot toward a premium, multi-faceted consumer. The strategy is clearly not just about the dedicated runner anymore; it's about capturing the entire active lifestyle spectrum.

The overall financial health supports this premium focus, with management raising the full-year 2025 net sales guidance to at least CHF 2.98 billion at current spot rates, reflecting a projected growth of 34% year-over-year on a constant currency basis. Furthermore, the Q3 2025 gross profit margin hit a record 65.7%, which tells you these segments are accepting the premium pricing structure.

Here is the breakdown of the core customer segments On Holding AG targets:

• Performance runners and professional athletes.
• Affluent, active lifestyle consumers seeking premium sportswear.
• Fashion-forward individuals valuing design and cultural relevance.
• Environmentally conscious buyers seeking sustainable options.

The company's success in capturing these distinct groups is visible through channel and product performance:

Performance Runners and Professional Athletes

This is the foundational segment, driven by the company's core engineering ethos. On Holding AG underscores this with an athlete-first innovation strategy, recently underscored by victories in major athletic events. This credibility directly supports the premium positioning across the entire product line.

Affluent, Active Lifestyle Consumers Seeking Premium Sportswear

This group is highly responsive to the brand's direct engagement strategy. The Direct-to-Consumer (DTC) channel, which typically captures the most brand-loyal and premium-paying customers, is growing rapidly. In Q2 2025, net sales through the DTC channel surged 47.2% on a reported basis. By Q1 2025, the DTC sales mix accounted for 38.1% of total net sales, showing a clear shift toward direct, higher-margin relationships.

Fashion-Forward Individuals Valuing Design and Cultural Relevance

This segment is being actively courted through high-profile cultural collaborations. The success here is evident in the explosive growth of non-footwear categories. For instance, apparel net sales saw a remarkable increase of 86.9% in Q3 2025. Furthermore, accessories net sales increased by 133.3% in Q2 2025, suggesting these consumers are buying into the full lifestyle offering, often influenced by partnerships with figures like Zendaya and Burna Boy.

Environmentally Conscious Buyers Seeking Sustainable Options

While direct sales figures for this segment aren't itemized, the commitment to sustainability is a stated value proposition that attracts this buyer. The company highlights its 'groundbreaking strides within the circular economy' as a key part of its mission to be the most premium global sportswear brand. This focus helps justify the premium price point for a segment increasingly prioritizing corporate responsibility.

To give you a clearer picture of the financial scale underpinning these segments, here is a look at the revenue distribution by channel and product category for recent periods:

Metric	Value (Q3 2025)	Comparison/Context
Total Net Sales	CHF 794.4 million	24.9% year-over-year increase
DTC Net Sales	CHF 314.7 million	27.6% year-over-year growth
Wholesale Net Sales	CHF 479.6 million	23.3% year-over-year growth
Apparel Net Sales Growth	86.9% increase	Constant currency growth in Q3 2025
Gross Profit Margin	65.7%	Record high for the quarter

The growth in the Americas region, which represented 60.7% of revenue in a prior period, remains a key driver, but the Asia-Pacific region delivered triple-digit growth, showing the successful expansion into new consumer markets globally.

On Holding AG (ONON) - Canvas Business Model: Cost Structure

You're looking at the cost side of On Holding AG's premium engine, and the numbers from late 2025 show a deliberate trade-off: high gross margins funded by premium pricing, offset by heavy investment in brand visibility. The structure is clearly built to support a global, high-growth, premium sportswear brand.

High Cost of Goods Sold (COGS) due to premium materials and manufacturing

The cost of the product itself, what we call Cost of Sales, is managed tightly through pricing power, but the underlying cost structure reflects premium sourcing. For the third quarter ended September 30, 2025, On Holding AG achieved a record gross profit margin of 65.7%. This translated to a gross profit of CHF 522.2 million on net sales of CHF 794.4 million for the quarter. However, you need to know that this Q3 peak included a positive one-time adjustment of approximately 200 basis points due to lower-than-anticipated freight and other costs, which management confirmed were sustainable efficiencies. For the full year 2025, the guidance reflects a slightly lower, but still very strong, gross profit margin expectation of around 62.5% on projected reported net sales of CHF 2.98 billion.

Here's a quick look at the key cost-related metrics from the Q3 2025 report:

• Q3 2025 Cost of Sales: CHF 272.1 million.
• Q3 2025 Gross Profit Margin: 65.7%.
• Full Year 2025 Gross Profit Margin Guidance: ~62.5%.
• Full Year 2025 Net Sales Guidance: CHF 2.98 billion.

Significant marketing and brand building expenditure

To maintain that premium positioning, On Holding AG spends heavily on getting its name and technology in front of the consumer. Selling, General & Administrative (SG&A) expenses are substantial, reflecting this deliberate investment in growth. For the nine months ended September 30, 2025, SG&A expenses totaled CHF 1,123.8 million. Looking specifically at Q3 2025, SG&A, excluding share-based compensation, was 47.1% of net sales, an increase from 46% in the prior year, which management explicitly stated reflects a deliberate decision to invest in future growth through marketing and global retail expansion. This spend is what fuels the brand momentum, including high-profile talent partnerships.

R&D costs for proprietary technology (CloudTec®, LightSpray)

The innovation pipeline, which includes proprietary cushioning systems like CloudTec® and technologies such as LightSpray™, is funded through the operating budget. While the specific R&D line item isn't isolated from the broader SG&A, the commitment is clear: all sportswear is engineered in Switzerland by dedicated in-house teams. This investment is non-negotiable for sustaining the premium price point and competitive edge. The company's ability to command a 65.7% gross margin in Q3 2025 is a direct reflection of the perceived value of this innovation.

Operating expenses for a sizable Swiss Franc cost base

As a company headquartered in Zurich, Switzerland, a significant portion of the fixed and operating costs are denominated in Swiss Francs (CHF). This creates a specific exposure. For the twelve months ending September 30, 2025, On Holding AG's total operating expenses were reported as $2.985B. The strength of the Swiss Franc has been a noted challenge, with management acknowledging in earlier periods that material depreciation of all key operating currencies against the CHF introduced planning uncertainty. The high profitability seen in Q3 2025, with a net income margin of 15.0%, helps provide a buffer against these currency-related cost pressures.

Logistics and freight costs, though recently lower

Logistics costs have been a recent area of favorable variance. As mentioned, the Q3 2025 gross margin benefited from a one-time positive adjustment of approximately 200 basis points due to lower than anticipated freight and other costs. Management attributed these lower costs partly to successful negotiations and scale benefits achieved during the first half of the year. The company is focused on structurally improving its distribution cost baseline, which continues to decline as a percentage of net sales, partly due to increasing Direct-to-Consumer (DTC) share.

Here is a summary of the key financial metrics impacting the cost structure:

Metric	Q3 2025 Actual (CHF Million)	Full Year 2025 Guidance	Prior Year Q3 (CHF Million)
Net Sales	794.4	CHF 2.98 billion (Reported)	635.8
Cost of Sales (COGS)	272.1	Implied by Margin/Sales	250.5
Gross Profit	522.2	Implied by Margin/Sales	385.3
SG&A Expenses	397.5	Implied by Margin/Sales	312.7
Gross Profit Margin	65.7%	~62.5%	60.6%
SG&A as % of Net Sales (Excl. SBC)	47.1%	Trend towards efficiency	46.0%

Finance: draft 13-week cash view by Friday.

On Holding AG (ONON) - Canvas Business Model: Revenue Streams

You're looking at the core ways On Holding AG brings in money, which is heavily weighted toward product sales, as you'd expect from a premium sportswear brand. The business model relies on moving high-margin product through two main routes: selling directly to you and selling through established retail partners.

The primary revenue driver remains footwear. For the third quarter of 2025, net sales from shoes alone hit CHF 731.3 million. This segment is the engine, but the growth story is increasingly about diversification across product lines and channels.

The apparel category is showing explosive growth, which is a key strategic win for On Holding AG. Apparel sales jumped 86.9% in Q3 2025 compared to the prior year period. Accessories are growing even faster, with a reported increase of 145.3% in the same quarter. Honestly, seeing that kind of acceleration in non-footwear categories suggests successful brand expansion.

Here's a quick look at how the product categories stacked up in Q3 2025:

Revenue Stream Component	Q3 2025 Net Sales (CHF million)	Q3 2025 Year-over-Year Growth (Reported)
Footwear Sales	731.3	21.1%
Apparel Sales	50.1	86.9%
Accessories Sales	13.0	145.3%
Total Q3 Net Sales	794.4	24.9%

The split between how the product reaches the customer is critical to profitability. Direct-to-Consumer (DTC) sales are where On Holding AG captures the highest margin, which is why they emphasize this channel. For Q3 2025, DTC sales reached CHF 314.7 million. This channel grew by 27.6% year-over-year on a reported basis.

The Wholesale channel remains a massive volume driver, providing broad market access through retail partners. Wholesale channel sales for the quarter were CHF 479.6 million, showing a reported increase of 23.3%. The mix shift towards DTC is what helps push the overall gross profit margin up, which hit 65.7% in Q3 2025.

Looking at the full picture, On Holding AG has raised its expectations for the entire year. The full-year 2025 net sales projection is now approximately CHF 2.98 billion, based on an expected constant-currency growth of 34% year-over-year. That revised guidance shows confidence in maintaining this revenue momentum through the end of the year.

You can see the key revenue stream dynamics here:

• Footwear sales are the base, generating CHF 731.3 million in Q3 2025.
• Apparel sales grew by 86.9% in Q3 2025, showing successful category penetration.
• DTC sales hit CHF 314.7 million in Q3 2025, supporting superior profitability.
• Wholesale sales provided CHF 479.6 million in Q3 2025 volume.
• Full-year 2025 net sales guidance is set at about CHF 2.98 billion.

Finance: draft 13-week cash view by Friday.