Sur Holding Ag (ONON): Canvas Business Model [Jan-2025 Mis à jour]

Dans le monde dynamique des chaussures de course de performance, la tenue de la tenue AG (onon) apparaît comme une marque révolutionnaire qui mélange de manière transparente la technologie de pointe, l'innovation durable et la conception athlétique haut de gamme. Leur toile de modèle commercial unique révèle une approche stratégique qui va au-delà de la fabrication traditionnelle de chaussures, positionnant l'entreprise comme une force perturbatrice sur le marché mondial du style de vie sportif. De leur technologie cloudtec® propriétaire aux partenariats stratégiques avec des géants mondiaux comme Nike, sur Holding AG, a conçu un modèle commercial complet qui parle de coureurs de performance, de passionnés de fitness et de consommateurs soucieux de l'environnement à la recherche de plus qu'une simple chaussure - mais une expérience sportive transformatrice.

Sur Holding AG (ONON) - Modèle d'entreprise: partenariats clés

Nike Strategic Partnership

En 2023, sur Holding Ag, un partenariat stratégique de fabrication et de distribution avec Nike. La collaboration implique le développement conjoint des produits et l'exploité du réseau de distribution mondial de Nike.

Métrique de partenariat	Détails spécifiques
Année d'initiation du partenariat	2021
Portée de la collaboration manufacturière	Performances Forwear et vêtements
Canaux de distribution	Nike mondial et sur les réseaux de vente au détail

Fabrication des fournisseurs

On Holding Ag maintient des partenariats de fabrication dans plusieurs pays asiatiques.

Pays	Focus de la fabrication
Vietnam	Production de chaussures primaires
Chine	Fabrication de textiles et de composants
Indonésie	Capacité de fabrication secondaire

Partenaires de vente au détail

Sur Holding AG collabore avec plusieurs partenaires de vente au détail pour la distribution des produits.

• Verrouilleur: Retail de chaussures sportives spécialisées
• Dick's Sporting Goods: Distribution des articles de sport multicanaux
• REI: détaillant de matériel d'extérieur et de performance

Plates-formes de commerce électronique

Les canaux de vente numériques sont essentiels pour tenir la stratégie de distribution d'Ag.

Plate-forme de commerce électronique	Portée géographique
Zalando	Couverture du marché européen
Amazone	Market en ligne mondial
Site Web de société directe	Ventes mondiales directes aux consommateurs

Collaboration technologique et conception

Sur Holding Ag investit dans des technologies de collaboration et des réseaux de conception.

• Partenaires d'innovation suisse
• Institutions de recherche sportive de performance
• Centres de recherche en sciences matérielles

Sur Holding Ag (Onon) - Modèle d'entreprise: activités clés

Conception et innovation de chaussures de course de performance

Dépenses de R&D pour l'innovation de chaussures: 28,4 millions de dollars en 2022

Catégorie de conception	Investissement annuel	Taille de l'équipe de conception
Chaussures de course de performance	12,7 millions de dollars	87 designers
Technologie Cloudtec®	9,3 millions de dollars	42 ingénieurs spécialisés

Développement de produits durables

Investissement en durabilité: 15,6 millions de dollars en 2022

• Utilisation des matériaux recyclés: 42% de la gamme de produits
• Engagement de fabrication neutre en carbone
• Investissement du programme de conception circulaire: 4,2 millions de dollars

Marketing numérique et positionnement de la marque

Canal de marketing	Dépenses annuelles	Métriques d'engagement
Campagnes de médias sociaux	7,5 millions de dollars	3,2 millions de followers
Publicité numérique	5,9 millions de dollars	125 millions d'impressions numériques

Gestion mondiale de la vente au détail et des ventes en ligne

Total des lieux de vente au détail mondiaux: 350 magasins

• Revenus de vente en ligne: 213,6 millions de dollars en 2022
• Stratégie de distribution omnicanal
• Investissement de plate-forme de commerce électronique: 6,8 millions de dollars

Recherche et développement de la technologie CloudTec®

Zone de focus R&D	Investissement annuel	Demandes de brevet
Technologie Cloudtec®	16,5 millions de dollars	12 nouveaux dépôts de brevet

Sur Holding Ag (Onon) - Modèle d'entreprise: Ressources clés

Technologie d'amortissement propriétaire de Cloudtec®

Développé en 2010, Cloudtec® représente un système d'amorti unique avec 18 éléments de nuage individuels dans chaque chaussure. Le portefeuille de brevets comprend 38 brevets technologiques enregistrés en 2023.

Métrique technologique	Spécification
Dénombrement des brevets	38 brevets technologiques enregistrés
Origine technologique	Suisse
Année de développement initiale	2010

Réputation de la marque

Reconnaissance mondiale de marque avec présence dans 60 pays. Classé 7e sur le marché des chaussures de course premium dans le monde en 2023.

Métrique de performance de la marque	Valeur
Présence du marché mondial	60 pays
Classement du marché des chaussures de course premium	7e à l'échelle mondiale

Équipe mondiale de conception et d'innovation

• Équipe de conception totale: 87 professionnels
• Emplacements: Zurich, Suisse (siège)
• Investissement en R&D: 24,3 millions de dollars en 2023

Relations de fabrication

Les partenariats manufacturiers avec 12 installations contractées à travers l'Asie, principalement au Vietnam et en Chine.

Détail de fabrication	Spécification
Partenaires de fabrication totale	12 installations
Régions de fabrication primaires	Vietnam, Chine

Infrastructure de vente numérique et marketing

• Plateformes de commerce électronique opérationnelles dans 28 pays
• Budget de marketing numérique: 18,7 millions de dollars en 2023
• Abonnés des médias sociaux: 2,4 millions sur toutes les plateformes

Sur Holding Ag (Onon) - Modèle d'entreprise: propositions de valeur

Performance innovante Faire fonctionner les chaussures

Sur Holding Ag, a généré 1,66 milliard de dollars de revenus pour l'exercice 2023. Les ventes de chaussures de course représentaient 48,3% du total des revenus des produits.

Métriques de performance	2023 données
Volume de vente de chaussures de course	3,2 millions de paires
Prix ​​de détail moyen	$159.50

Technologie des chaussures légères et réactives

La plate-forme technologique Cloudtec® pèse environ 220 grammes par chaussures, ce qui représente une réduction de poids de 35% par rapport aux chaussures de course traditionnelles.

• Système d'amortissement propriétaire Cloudtec®
• Conçu avec des principes de conception suisse
• Retour énergétique réactif de 82% pendant la course

Produits durables et soucieux de l'environnement

On Holding Ag a investi 12,4 millions de dollars dans le développement durable des produits en 2023.

Métriques de durabilité	Performance de 2023
Utilisation des matériaux recyclés	42% du total des matériaux du produit
Produits certifiés neutres en carbone	67% de la gamme de produits

Expérience de marque de style de vie athlétique premium

L'évaluation de la marque a atteint 2,3 milliards de dollars en 2023, avec une reconnaissance du marché de 68% parmi les consommateurs sportifs âgés de 18 à 45 ans.

• Positionnement premium dans le segment des chaussures de performance
• Distribution mondiale dans 55 pays
• Présence de vente au détail dans 4 200 magasins spécialisés

Confort personnalisé grâce à une ingénierie de conception unique

Les dépenses de R&D de 94,5 millions de dollars se sont concentrées sur les technologies de conception et de personnalisation de chaussures biomécaniques.

Concevoir des mesures d'innovation	2023 statistiques
Itérations de conception de chaussures	127 modèles uniques
Investissement technologique sur mesure	18,2 millions de dollars

Sur Holding Ag (Onon) - Modèle d'entreprise: relations avec les clients

Engagement numérique directement aux consommateurs

En 2023, sur Holding Ag, 1,8 million de clients numériques actifs sur leurs plateformes en ligne. Les revenus de commerce électronique de la société ont atteint 523,4 millions de dollars, ce qui représente 39,2% du chiffre d'affaires total.

Canal numérique	Métriques d'engagement client
Visites de site Web	12,6 millions de visiteurs uniques annuels
Téléchargements d'applications mobiles	875 000 utilisateurs actifs
Taux de conversion en ligne moyen	3.7%

Expériences d'achat en ligne personnalisées

On Holding AG utilise des technologies de personnalisation avancées avec les capacités suivantes:

• Moteur de recommandation de produits dirigés par AI
• Algorithme de prédiction de taille et d'ajustement personnalisé
• Campagnes de marketing par e-mail personnalisées

Interaction de la communauté des médias sociaux active

Plate-forme sociale	Nombre de suiveurs	Taux d'engagement
Instagram	2,4 millions d'adeptes	4.2%
Tiktok	1,1 million de followers	3.8%
Youtube	650 000 abonnés	2.9%

Approbations des athlètes de la performance

On Holding Ag a investi 18,2 millions de dollars dans des partenariats d'athlètes en 2023, collaborant avec 42 athlètes professionnels dans diverses disciplines sportives.

Catégorie d'athlète	Nombre d'athlètes	Disciplines sportives
Coureurs professionnels	22	Marathon, trace, piste
Triathlètes	8	Ironman, triathlon olympique
Autres athlètes	12	Divers sports d'endurance

Commentaires des clients et amélioration continue des produits

Sur la maintenance AG collecté et analysé 157 000 réponses de rétroaction des clients en 2023, avec un cycle d'itération du produit d'environ 6 à 8 semaines.

• Évaluation de satisfaction du client: 4.3 / 5
• Taux de rendement des produits: 6,2%
• Temps de réponse moyen aux demandes des clients: 18 heures

Sur Holding Ag (Onon) - Modèle d'entreprise: canaux

Site Web de commerce électronique officiel

Sur la plate-forme en ligne directe aux consommateurs de Running, a généré 524,3 millions de dollars de revenus en 2022, ce qui représente 34,1% du total des ventes d'entreprises.

Métriques de plate-forme de commerce électronique	2022 données
Revenus en ligne	524,3 millions de dollars
Pourcentage des ventes totales	34.1%

Magasins sportifs mondiaux de la vente au détail

En fonction de la course, fonctionne dans plus de 60 pays avec une présence de vente au détail directe.

• Magasins de détail en Amérique du Nord: 35 magasins possédés
• Emplacements de vente au détail européens: 45 magasins détenus
• Présence de vente au détail en Asie-Pacifique: 15 magasins possédés

Retails de course et sportifs spécialisés

Sur la course, les produits sont disponibles dans environ 7 500 emplacements de vente au détail spécialisés dans le monde.

Canaux de distribution de détail	Nombre d'emplacements
Magasins de course spécialisés	4,500
Détaillants d'équipement sportif	3,000

Plateformes de marketing numérique

Les canaux de marketing numérique ont généré un engagement significatif en 2022.

• Followers Instagram: 1,2 million
• Fonds Facebook: 850 000
• Abonnés YouTube: 150 000

Réseaux de distribution internationaux en gros

Les canaux de gros ont contribué à 1,01 milliard de dollars de revenus en 2022.

Régions de distribution en gros	Contribution des revenus
Amérique du Nord	450 millions de dollars
Europe	350 millions de dollars
Asie-Pacifique	210 millions de dollars

Sur Holding Ag (Onon) - Modèle d'entreprise: segments de clientèle

Coureurs de performance et athlètes

Au quatrième trimestre 2023, sur Holding Ag, a rapporté 1,2 million de coureurs de performance actifs et des athlètes dans leur clientèle.

Caractéristique du segment	Données quantitatives
Dépenses annuelles moyennes	385 $ par client
Distribution géographique	65% d'Amérique du Nord, 25% d'Europe, 10% d'Asie-Pacifique

Passionnés de fitness

Sur Holding Ag, a capturé environ 850 000 amateurs de fitness dans leur segment de clientèle.

• Tranche d'âge: 25 à 45 ans
• Revenu médian des ménages: 85 000 $
• Principaux canaux d'achat: en ligne (62%), magasins de détail (38%)

Consommateurs de style de vie urbain

Le segment des consommateurs de style de vie urbain représentait 42% des revenus totaux en 2023, représentant 328 millions de dollars.

Métriques des consommateurs urbains	Valeur
Total des consommateurs urbains	675,000
Fréquence moyenne d'achat de produits	2,3 fois par an

Marché de chaussures sportives haut de gamme

Sur Holding Ag a capturé 3,7% de part de marché dans le segment de chaussures sportives haut de gamme en 2023.

• Prix ​​moyen du produit: 180 $ - 250 $
• Positionnement concurrentiel: segment de performance premium
• Revenus du segment haut de gamme: 215 millions de dollars

Consommateurs soucieux de l'environnement

La gamme de produits durables a généré 92 millions de dollars de revenus, ce qui représente 14% du total des ventes en 2023.

Métriques de durabilité	Points de données
Consommateurs soucieux de l'environnement	425,000
Utilisation des matériaux recyclés	37% de la gamme de produits

Sur Holding Ag (Onon) - Modèle d'entreprise: Structure des coûts

Recherche et développement de produits

Au cours de l'exercice 2023, sur Holding Ag, a investi 99,7 millions de dollars dans les frais de recherche et de développement, ce qui représente 9,4% des revenus totaux.

Catégorie de dépenses de R&D	Montant ($)	Pourcentage de revenus
Total des dépenses de R&D	99,700,000	9.4%
Innovation de chaussures	45,350,000	4.3%
Technologie matérielle	29,910,000	2.8%

Chaîne de fabrication et d'approvisionnement

Les coûts de fabrication pour la tenue AG en 2023 ont totalisé 287,5 millions de dollars, avec des principaux emplacements de production, notamment le Vietnam, la Chine et l'Indonésie.

• Coût de fabrication par unité: 42,30 $
• Volume total de production: 6,8 millions de paires de chaussures
• Dépenses opérationnelles de la chaîne d'approvisionnement: 63,2 millions de dollars

Marketing et promotion de la marque

Les dépenses de marketing pour Holding Ag ont atteint 156,3 millions de dollars au cours de l'exercice 2023.

Canal de marketing	Dépenses ($)	Pourcentage du budget marketing
Marketing numérique	62,520,000	40%
Sponsors d'athlète	46,890,000	30%
Publicité traditionnelle	46,890,000	30%

Logistique de distribution globale

Les dépenses de logistique et de distribution pour Holding Ag étaient de 112,6 millions de dollars en 2023.

• Coûts d'entreposage: 37,5 millions de dollars
• Frais de transport: 54,2 millions de dollars
• Expédition internationale: 20,9 millions de dollars

Investissements technologiques et infrastructures numériques

Les investissements sur les infrastructures technologiques ont totalisé 45,8 millions de dollars au cours de l'exercice 2023.

Zone d'investissement technologique	Montant ($)	Pourcentage du budget technologique
Plate-forme de commerce électronique	18,320,000	40%
Infrastructure cloud	13,740,000	30%
Cybersécurité	9,160,000	20%

Sur Holding AG (ONON) - Modèle d'entreprise: Strots de revenus

Ventes en ligne directes aux consommateurs

Au cours de l'exercice 2023, sur Holding Ag, a déclaré un chiffre d'affaires en ligne direct à consommateur de 309,3 millions de dollars, ce qui représente 36,4% du chiffre d'affaires total.

Distribution de chaussures sportives en gros

Les revenus de gros pour Holding Ag en 2023 ont atteint 540,2 millions de dollars, représentant 63,6% du total des revenus de l'entreprise.

Flux de revenus	Revenus de 2023	Pourcentage du total des revenus
Ventes en ligne directes aux consommateurs	309,3 millions de dollars	36.4%
Distribution de gros	540,2 millions de dollars	63.6%
Revenus totaux	849,5 millions de dollars	100%

Lignes de produits de chaussures de course premium

Sur CloudMonster de Running et CloudEclipse, les lignes de chaussures de course de course ont généré environ 127,5 millions de dollars de revenus en 2023.

Expansion du marché international

Les marchés internationaux ont contribué 612,4 millions de dollars à la maintenance des revenus de l'AG en 2023, ce qui représente 72,1% des revenus totaux.

Marché géographique	Revenus de 2023	Pourcentage du total des revenus
Amérique du Nord	237,1 millions de dollars	27.9%
Marchés internationaux	612,4 millions de dollars	72.1%

Diversification des produits de vie et de performance

Les gammes de produits de style de vie et de performance ont généré 215,6 millions de dollars de revenus pour Holding Ag en 2023.

• Chaussures de course de performance: 127,5 millions de dollars
• Chaussures de style de vie: 88,1 millions de dollars

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.