Em Holding AG (Onon): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos tênis de corrida, em Holding AG (Onon) surge como uma marca revolucionária que combina perfeitamente a tecnologia de ponta, a inovação sustentável e o design atlético premium. Seu modelo de modelo de negócios exclusivo revela uma abordagem estratégica que vai além da fabricação tradicional de calçados, posicionando a empresa como uma força disruptiva no mercado global de estilo de vida atlético. De sua tecnologia proprietária CloudTec® a parcerias estratégicas com gigantes globais como a Nike, a Holding AG criou um modelo de negócios abrangente que fala de corredores de desempenho, entusiastas da fitness e consumidores ambientalmente conscientes que procuram mais do que apenas um sapato - mas uma experiência atlética transformadora.

Em Holding AG (Onon) - Modelo de Negócios: Principais Parcerias

Nike Strategic Partnership

A partir de 2023, a Holding AG possui uma parceria estratégica de fabricação e distribuição com a Nike. A colaboração envolve o desenvolvimento de produtos conjuntos e alavancando a rede de distribuição global da Nike.

Métrica de Parceria	Detalhes específicos
Ano de iniciação da parceria	2021
Escopo de colaboração de fabricação	Calçados de execução de desempenho e vestuário
Canais de distribuição	Nike global e em redes de varejo

Fornecedores de fabricação

Em Holding AG, mantém parcerias de fabricação em vários países asiáticos.

País	Foco de fabricação
Vietnã	Produção de calçados primários
China	Fabricação de têxteis e componentes
Indonésia	Capacidade de fabricação secundária

Parceiros de varejo

Em realizar a AG colabora com vários parceiros de varejo para distribuição de produtos.

• Armário de pé: varejo especializado em calçados atléticos
• Dick's Sporting Goods: Distribuição de artigos esportivos multicanos
• Rei: varejista de equipamentos ao ar livre e de desempenho

Plataformas de comércio eletrônico

Os canais de vendas digitais são críticos para manter a estratégia de distribuição da AG.

Plataforma de comércio eletrônico	Alcance geográfico
Zalando	Cobertura do mercado europeu
Amazon	Mercado on -line global
Site direto da empresa	Vendas diretas ao consumidor global

Colaboração de tecnologia e design

Em Holding AG, investe em tecnologias colaborativas e redes de design.

• Parceiros de Inovação Suíça
• Instituições de pesquisa esportiva de desempenho
• Centros de Pesquisa em Ciência Material

Em Holding AG (Onon) - Modelo de Negócios: Atividades -chave

Design de tênis de execução de desempenho e inovação

Despesas de P&D para inovação de calçados: US $ 28,4 milhões em 2022

Categoria de design	Investimento anual	Tamanho da equipe de design
Tênis de execução de desempenho	US $ 12,7 milhões	87 designers
Tecnologia CloudTec®	US $ 9,3 milhões	42 engenheiros especializados

Desenvolvimento sustentável de produtos

Investimento de sustentabilidade: US $ 15,6 milhões em 2022

• Uso de materiais reciclados: 42% da linha de produtos
• Compromisso de fabricação neutra de carbono
• Investimento do Programa de Design Circular: US $ 4,2 milhões

Marketing digital e posicionamento da marca

Canal de marketing	Gasto anual	Métricas de engajamento
Campanhas de mídia social	US $ 7,5 milhões	3,2 milhões de seguidores
Publicidade digital	US $ 5,9 milhões	125 milhões de impressões digitais

Gerenciamento global de varejo e vendas on -line

Total de locais globais de varejo: 350 lojas

• Receita de vendas on -line: US $ 213,6 milhões em 2022
• Estratégia de distribuição omnichannel
• Investimento da plataforma de comércio eletrônico: US $ 6,8 milhões

Pesquisa e desenvolvimento da tecnologia CloudTec®

Área de foco em P&D	Investimento anual	Aplicações de patentes
Tecnologia CloudTec®	US $ 16,5 milhões	12 novos registros de patentes

Em Holding AG (Onon) - Modelo de Negócios: Recursos Principais

Tecnologia de amortecimento proprietário da Cloudtec®

Desenvolvido em 2010, o CloudTec® representa um sistema de amortecimento exclusivo com 18 elementos de nuvem individuais em cada sapato. O portfólio de patentes inclui 38 patentes de tecnologia registradas a partir de 2023.

Métrica de tecnologia	Especificação
Contagem de patentes	38 patentes tecnológicas registradas
Origem tecnológica	Suíça
Ano de desenvolvimento inicial	2010

Reputação da marca

Reconhecimento global da marca com presença em 60 países. Classificado em 7º no mercado de tênis de corrida premium globalmente em 2023.

Métrica de desempenho da marca	Valor
Presença global do mercado	60 países
Classificação de mercado de tênis de corrida premium	7º globalmente

Equipe Global de Design e Inovação

• Equipe de design total: 87 profissionais
• Locais: Zurique, Suíça (sede)
• Investimento de P&D: US $ 24,3 milhões em 2023

Relacionamentos de fabricação

Parcerias de fabricação com 12 instalações contratadas em toda a Ásia, principalmente no Vietnã e na China.

Detalhes de fabricação	Especificação
Total de Parceiros de Manufatura	12 instalações
Regiões de fabricação primárias	Vietnã, China

Infraestrutura de vendas e marketing digital

• Plataformas de comércio eletrônico operacionais em 28 países
• Orçamento de marketing digital: US $ 18,7 milhões em 2023
• Seguidores de mídia social: 2,4 milhões entre plataformas

Em Holding AG (Onon) - Modelo de Negócios: Proposições de Valor

Calçados de execução inovadores

Ao manter a AG, gerou US $ 1,66 bilhão em receita para o ano fiscal de 2023. As vendas de tênis em execução representaram 48,3% da receita total do produto.

Métricas de desempenho	2023 dados
Volume de vendas de sapatos em execução	3,2 milhões de pares
Preço médio de varejo	$159.50

Tecnologia de calçados leves e responsivos

A plataforma de tecnologia Cloudtec® pesa aproximadamente 220 gramas por sapato, representando uma redução de peso de 35% em comparação com os tênis de corrida tradicionais.

• Sistema de amortecimento da Cloudtec® Proprietário
• Projetado com princípios de design suíços
• Retorno de energia responsiva de 82% durante a corrida

Produtos sustentáveis ​​e ambientalmente conscientes

A Holding AG investiu US $ 12,4 milhões em desenvolvimento sustentável de produtos em 2023.

Métricas de sustentabilidade	2023 desempenho
Uso de materiais reciclados	42% do total de materiais do produto
Produtos certificados em carbono neutro	67% da linha de produtos

Experiência premium de marca de estilo de vida atlética

A avaliação da marca atingiu US $ 2,3 bilhões em 2023, com 68% de reconhecimento de mercado entre os consumidores atléticos de 18 a 45 anos.

• Posicionamento premium no segmento de calçados de desempenho
• Distribuição global em 55 países
• Presença no varejo em 4.200 lojas especializadas

Conforto personalizado através de engenharia de design exclusiva

Despesas de P&D de US $ 94,5 milhões focados em tecnologias biomecânicas de design e personalização de calçados.

Métricas de inovação em design	2023 Estatísticas
Iterações de design de sapatos	127 modelos exclusivos
Investimento em tecnologia de ajuste personalizado	US $ 18,2 milhões

Em Holding AG (Onon) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento digital direto ao consumidor

Em 2023, a Holding AG relatou 1,8 milhão de clientes digitais ativos em suas plataformas on -line. A receita de comércio eletrônico da empresa atingiu US $ 523,4 milhões, representando 39,2% da receita total.

Canal digital	Métricas de engajamento do cliente
Visitas ao site	12,6 milhões de visitantes únicos anuais
Downloads de aplicativos móveis	875.000 usuários ativos
Taxa média de conversão online	3.7%

Experiências personalizadas de compras online

O Holding AG utiliza tecnologias avançadas de personalização com os seguintes recursos:

• Engine de recomendação de produto acionado por IA
• Algoritmo de previsão de tamanho e ajuste personalizado
• Campanhas personalizadas de marketing por e -mail

Interação ativa da comunidade de mídia social

Plataforma social	Contagem de seguidores	Taxa de engajamento
Instagram	2,4 milhões de seguidores	4.2%
Tiktok	1,1 milhão de seguidores	3.8%
YouTube	650.000 assinantes	2.9%

E endossos de atletas de desempenho

A Holding AG investiu US $ 18,2 milhões em parcerias de atletas em 2023, colaborando com 42 atletas profissionais em várias disciplinas esportivas.

Categoria de atleta	Número de atletas	Disciplinas esportivas
Corredores profissionais	22	Maratona, corrida de trilhas, pista
Triatletas	8	Ironman, triatlo olímpico
Outros atletas	12	Vários esportes de resistência

Feedback do cliente e melhoria contínua do produto

Em Holding, a Ag coletou e analisou 157.000 respostas de feedback do cliente em 2023, com um ciclo de iteração de produtos de aproximadamente 6-8 semanas.

• Classificação de satisfação do cliente: 4.3/5
• Taxa de retorno do produto: 6,2%
• Tempo médio de resposta às perguntas dos clientes: 18 horas

Em Holding AG (Onon) - Modelo de Negócios: Canais

Site oficial de comércio eletrônico

Na plataforma on-line direta ao consumidor de Running, gerou US $ 524,3 milhões em receita em 2022, representando 34,1% do total de vendas da empresa.

Métricas da plataforma de comércio eletrônico	2022 dados
Receita online	US $ 524,3 milhões
Porcentagem de vendas totais	34.1%

Lojas atléticas globais de varejo

Na corrida, opera em mais de 60 países com presença direta no varejo.

• Lojas de varejo na América do Norte: 35 lojas de propriedade
• Locais europeus de varejo: 45 lojas de propriedade
• Presença no varejo da Ásia-Pacífico: 15 lojas de propriedade

Varejistas de corrida e esportes especializados

Nos produtos em execução, estão disponíveis em aproximadamente 7.500 locais de varejo especializados em todo o mundo.

Canais de distribuição de varejo	Número de locais
Lojas de corrida especializadas	4,500
Varejistas de equipamentos esportivos	3,000

Plataformas de marketing digital

Os canais de marketing digital geraram engajamento significativo em 2022.

• Seguidores do Instagram: 1,2 milhão
• Seguidores do Facebook: 850.000
• Assinantes do YouTube: 150.000

Redes internacionais de distribuição por atacado

Os canais de atacado contribuíram com receita de US $ 1,01 bilhão durante 2022.

Regiões de distribuição por atacado	Contribuição da receita
América do Norte	US $ 450 milhões
Europa	US $ 350 milhões
Ásia-Pacífico	US $ 210 milhões

Em Holding AG (Onon) - Modelo de negócios: segmentos de clientes

Corredores e atletas de desempenho

No quarto trimestre 2023, a Holding AG relatou 1,2 milhão de corredores e atletas ativos em sua base de clientes.

Característica do segmento	Dados quantitativos
Gasto médio anual	US $ 385 por cliente
Distribuição geográfica	65% da América do Norte, 25% Europa, 10% da Ásia-Pacífico

Entusiastas do fitness

Em Holding AG, capturou aproximadamente 850.000 entusiastas do fitness em seu segmento de clientes.

• Faixa etária: 25-45 anos
• Renda familiar média: US $ 85.000
• Canais de compra primária: online (62%), lojas de varejo (38%)

Consumidores de estilo de vida urbano

O segmento de consumidor de estilo de vida urbano representou 42% da receita total em 2023, representando US $ 328 milhões.

Métricas de consumidor urbano	Valor
Total de consumidores urbanos	675,000
Frequência média de compra do produto	2,3 vezes por ano

Mercado de calçados atléticos de alta qualidade

Em Holding AG, capturou 3,7% de participação de mercado no segmento de calçados atléticos de ponta em 2023.

• Preço médio do produto ponto: $ 180- $ 250
• Posicionamento competitivo: segmento de desempenho premium
• Receita de segmento de ponta: US $ 215 milhões

Consumidores ambientalmente conscientes

A linha de produtos sustentável gerou US $ 92 milhões em receita, representando 14% do total de vendas em 2023.

Métricas de sustentabilidade	Pontos de dados
Consumidores ambientalmente conscientes	425,000
Uso de materiais reciclados	37% da linha de produtos

Em Holding AG (Onon) - Modelo de Negócios: Estrutura de Custo

Pesquisa e desenvolvimento de produtos

No ano fiscal de 2023, a Holding AG investiu US $ 99,7 milhões em despesas de pesquisa e desenvolvimento, representando 9,4% da receita total.

Categoria de despesa de P&D	Valor ($)	Porcentagem de receita
Despesas totais de P&D	99,700,000	9.4%
Inovação de calçados	45,350,000	4.3%
Tecnologia do material	29,910,000	2.8%

Cadeia de fabricação e suprimento

Os custos de fabricação da Holding AG em 2023 totalizaram US $ 287,5 milhões, com os principais locais de produção, incluindo Vietnã, China e Indonésia.

• Custo de fabricação por unidade: US $ 42,30
• Volume total de produção: 6,8 milhões de pares de sapatos
• Despesas operacionais da cadeia de suprimentos: US $ 63,2 milhões

Marketing e promoção de marca

As despesas de marketing para a Holding AG atingiram US $ 156,3 milhões no ano fiscal de 2023.

Canal de marketing	Gastos ($)	Porcentagem de orçamento de marketing
Marketing digital	62,520,000	40%
Patrocínios de atletas	46,890,000	30%
Publicidade tradicional	46,890,000	30%

Logística de distribuição global

As despesas de logística e distribuição para Holding AG foram de US $ 112,6 milhões em 2023.

• Custos de armazenamento: US $ 37,5 milhões
• Despesas de transporte: US $ 54,2 milhões
• Envio internacional: US $ 20,9 milhões

Investimentos de tecnologia e infraestrutura digital

Os investimentos em infraestrutura tecnológica totalizaram US $ 45,8 milhões no ano fiscal de 2023.

Área de investimento em tecnologia	Valor ($)	Porcentagem de orçamento de tecnologia
Plataforma de comércio eletrônico	18,320,000	40%
Infraestrutura em nuvem	13,740,000	30%
Segurança cibernética	9,160,000	20%

Em Holding AG (Onon) - Modelo de negócios: fluxos de receita

Vendas on-line direta ao consumidor

No ano fiscal de 2023, a Holding AG relatou receita de vendas on-line direta ao consumidor de US $ 309,3 milhões, representando 36,4% da receita total.

Distribuição de calçados atléticos por atacado

A receita de atacado para a Holding AG em 2023 atingiu US $ 540,2 milhões, representando 63,6% da receita total da empresa.

Fluxo de receita	2023 Receita	Porcentagem da receita total
Vendas on-line direta ao consumidor	US $ 309,3 milhões	36.4%
Distribuição por atacado	US $ 540,2 milhões	63.6%
Receita total	US $ 849,5 milhões	100%

Linhas de produtos para sapatos de corrida premium

Na Cloudmonster e no CloudClipse, em Running, as linhas de tênis de corrida premium geraram aproximadamente US $ 127,5 milhões em receita durante 2023.

Expansão do mercado internacional

Os mercados internacionais contribuíram com US $ 612,4 milhões para a receita da AG em 2023, representando 72,1% da receita total.

Mercado geográfico	2023 Receita	Porcentagem da receita total
América do Norte	US $ 237,1 milhões	27.9%
Mercados internacionais	US $ 612,4 milhões	72.1%

Estilo de vida e diversificação de produtos de desempenho

O estilo de vida e as linhas de produtos de desempenho geraram US $ 215,6 milhões em receita para a Holding AG em 2023.

• Tênis de execução de desempenho: US $ 127,5 milhões
• Calçados de estilo de vida: US $ 88,1 milhões

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.