# On Holding AG > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/en/companies/On Holding AG). ## Overview On Holding AG is a Swiss athletic performance company that designs and sells premium running shoes, apparel, and accessories under the On brand. Its business is organized around wholesale distribution to retail partners and direct-to-consumer sales through its own e-commerce platform and stores, with customers spread across the Americas, EMEA, and Asia-Pacific. ## Products & services • Premium performance running shoes • Sports and training apparel • Accessories and related footwear add-ons • Wholesale distribution to retail partners • Direct-to-consumer e-commerce sales • Company-operated retail stores - **Shoes** (92%) — Performance footwear sold under the On brand, centered on premium running shoes. - **Apparel** (6%) — Athletic clothing and performance wear sold alongside footwear. - **Accessories** (2%) — Smaller add-on products such as sports accessories and related items. - Premium performance running shoes - Sports and training apparel - Accessories and related footwear add-ons - Wholesale distribution to retail partners - Direct-to-consumer e-commerce sales - Company-operated retail stores ## Customers On sells to end consumers who buy premium running and training products for performance and lifestyle use, as well as wholesale partners that resell the products. Its customer base spans both direct shoppers and retail/distribution partners, which gives the company access to broad consumer demand and store-based reach. The brand is also supported by international distributors in markets where it does not maintain local sales teams. - **Direct-to-consumer shoppers** (primary) — Buy footwear, apparel, and accessories through On's e-commerce platform and stores for brand, fit, and selection. - **Wholesale retail partners** (primary) — Large retailers and retail associations buy product in volume to resell through their own channels. - **International distributors** (secondary) — Buy and distribute On products in markets where the company does not maintain local sales teams. - **Performance runners and athletes** (primary) — Purchase premium footwear and apparel for running, training, and active lifestyle use. - End consumers buying premium running shoes and apparel - Wholesale retailers that resell On products - International distributors in markets without local teams - DTC shoppers buying through e-commerce and stores - Performance-oriented athletes and active lifestyle buyers ## Geography On reports net sales across the Americas, EMEA, and Asia-Pacific, reflecting a geographically diversified consumer footprint. The Americas are the largest region, while EMEA and APAC provide important growth and balance across retail markets. Geography matters because the company sells through different mixes of wholesale, e-commerce, and stores in each region, which affects market access and operating execution. - **Americas** (53.6%) — Based on six-month net sales ended June 30, 2026. - **Europe, Middle East and Africa** (25.9%) — Combined regional disclosure; country mix not provided. - **Asia-Pacific** (20.5%) — Combined regional disclosure; country mix not provided. - Americas is the largest reported sales region - EMEA is a major sales region and distributor market - APAC is a smaller but important growth region - Sales are driven by customer location, not product origin - Regional mix affects wholesale, DTC, and distributor execution ## Strategy On's strategy centers on expanding its premium brand across footwear, apparel, and accessories while balancing wholesale reach with direct-to-consumer control. The company also uses international distributors and company-operated stores to deepen market access and strengthen brand presentation in key regions. Maintaining product innovation and a premium positioning is important because the business competes on brand desirability, performance, and customer experience. - **Grow premium footwear and adjacent categories** (medium-term) — Footwear is the core revenue driver, while apparel and accessories broaden the brand basket. - **Improve channel balance** (medium-term) — Wholesale broadens reach, while DTC provides direct brand control and customer data. - **Deepen international market penetration** (long-term) — Regional diversification reduces dependence on any single market and widens the customer base. - Expand the premium running and training franchise - Balance wholesale scale with direct-to-consumer control - Grow apparel and accessories alongside footwear - Use stores and e-commerce to strengthen brand presentation - Use distributors to enter markets without local teams ## Risks On is exposed to demand swings in premium athletic footwear, where consumer preferences, brand relevance, and competitive innovation can change quickly. Because the company sells through both wholesale and direct channels across multiple regions, it also faces inventory, retailer, and execution risk in addition to foreign exchange and regional concentration risk. Reported results can be affected by returns, accrued marketing and logistics costs, and judgmental estimates tied to customer contracts and tax items. - **Brand and product preference risk** [high] — The company competes in performance footwear where consumer tastes and product innovation matter. - **Wholesale channel concentration** [medium] — Large retail partners and distributors can influence order timing, inventory levels, and sell-through. - **Foreign exchange and regional mix** [medium] — The company reports in CHF while operations and sales span multiple currencies and regions. - **Returns and markdown exposure** [medium] — Consumer product businesses must estimate returns and manage inventory clearance. - Premium athletic wear demand can shift with brand and fashion trends - Wholesale dependence creates retailer concentration and inventory risk - Regional exposure can amplify currency and demand variability - Returns and markdowns can pressure channel economics - Cross-border operations add customs, freight, and tax complexity ## Accounting On recognizes revenue from product sales and discloses customer-related estimates that affect receivables and return reserves. Its results are also shaped by accrued marketing, freight, customs, selling and distribution costs, plus personnel bonus and participation accruals. Goodwill is monitored for impairment, and the company uses adjusted non-IFRS measures that exclude share-based compensation, which investors should reconcile carefully to IFRS results. - **Revenue recognition and returns** — Affects reported net sales and refund liabilities - **Accrued logistics and marketing costs** — Affects operating expenses and working capital - **Employee bonus and participation accruals** — Affects personnel expense and liabilities - **Goodwill impairment** — Could affect non-cash charges and asset values - **Non-IFRS adjusted net income** — Can make adjusted profitability differ from IFRS earnings - Revenue from product sales depends on channel timing and returns - Anticipated net sales returns affect net revenue and liabilities - Accrued marketing, freight, and customs costs affect operating expense timing - Bonus and participation accruals affect personnel expense recognition - Goodwill impairment testing can affect reported assets and earnings - Adjusted earnings exclude share-based compensation --- *Last updated: 2026-09-28T12:13:32.476252+00:00*