On Holding Unveils Expansion Strategy, Targets at Least 5.6 Billion Swiss Francs in Sales by 2029
On Holding AG held an investor day in Zurich on September 22, 2026, unveiling a three-year strategic plan targeting net sales of at least CHF 5.6 billion by 2029, driven by high-teens annual growth. The company announced expansion into football and golf, with football products expected in 2027 following the signing of Kylian Mbappé. The board authorized its first-ever $1 billion share buyback program. On also targets an adjusted EBITDA margin of at least 22% by 2029.
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On Holding Approves $1 Billion Buyback and Sets 2029 Sales Target of CHF 5.6 Billion
On Holding AG (ONON) held an investor day in Zurich on September 22, 2026, where it announced new long-term targets and its first-ever share buyback program of up to $1 billion. The Swiss sportswear maker aims to achieve net sales of at least CHF 5.6 billion by 2029, driven by high-teens annual growth in constant currency. The company also targets an adjusted EBITDA margin of at least 22% by 2029, up from near 20% in the current year. Founder and co-CEO Caspar Coppetti stated that top-line and margin expansion 'are not in conflict.' CFO Frank Sluis described the outlook as establishing On as 'a high-quality earnings compounder.' The company's growth pillars include running, sneakers, and apparel, with football and golf as new entries. The article notes concerns including a softer third-quarter growth guide of around 17%, tariff exposure, and the challenge of maintaining a premium position against rivals Nike and Adidas. The stock rose nearly 9% on the news and trades around 14 times forward earnings.
On Announces Golf Launch After Soccer Expansion, Targets $7 Billion Revenue by 2029
Swiss sportswear company On held an investor day at its Zurich headquarters on September 22, 2026, outlining a three-year growth plan centered on a 'premium playbook.' Just days after announcing a major expansion into soccer with a partnership with Real Madrid forward Kylian Mbappé, On revealed it will launch a golf category in early 2027. Co-founder Caspar Coppetti said the company aims to 'disrupt' golf by bringing its premium approach to products that connect course, stadium, and street. Tennis legend and On partner Roger Federer expressed excitement about the golf move. On set new financial targets including constant currency growth in the high-teens, reaching at least 5.6 billion Swiss francs (approaching $7 billion) in net sales by 2029. CFO Frank Sluis said the company will move to U.S. dollar reporting as early as 2027. On also committed to an industry-leading gross profit margin of 65% or more and an adjusted EBITDA margin of at least 22% by 2029. The Mbappé announcement generated $8 billion in earned media reach, the most in company history.
Read sourceOn Targets $7 Billion Sales by 2029, Expands Beyond Running into Football and Golf
Swiss sportswear brand On Holding AG announced a new strategic plan at its 2026 Investor Day in Zurich on September 22, targeting net sales of at least 56 billion Swiss francs (approximately $70 billion) by 2029. The company aims for high-teen percentage annual net sales growth from 2026 to 2029 on a constant currency basis, while maintaining a gross margin of at least 65% and an adjusted EBITDA margin above 22%. On identified running, sportswear shoes, and apparel as its three near-term growth pillars, and designated football and golf as key new expansion areas. The company recently signed global football star Kylian Mbappé as a partner and plans to launch its first football products in 2027, leveraging its LightSpray technology. On also sees an opportunity in golf as the sport evolves into a lifestyle and social consumption scene. The analysis notes that On aims to become a global multi-sport brand while preserving its premium pricing and scarcity, a challenge as it scales up.
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On Targets $7 Billion in Sales by 2029, Expanding Beyond Running Shoes into Football and Golf
Swiss sportswear brand On Holding AG announced a new strategic plan at its 2026 Investor Day in Zurich on September 22, targeting net sales of at least 56 billion Swiss francs (approximately $7 billion) by 2029. The company aims for high-teen percentage annual net sales growth from 2026 to 2029, maintaining a gross margin of at least 65% and an adjusted EBITDA margin above 22%. On identified running, sportswear shoes, and apparel as its three growth pillars, while entering football and golf as new expansion areas. The company recently signed global football star Kylian Mbappé as a partner, with first football products expected by 2027. On plans to leverage its LightSpray technology for football boots. The strategy emphasizes maintaining premium pricing and brand exclusivity while scaling, avoiding heavy discounting. The analysis notes On aims to become a full-line global sportswear brand competing with Nike and Adidas, facing the challenge of maintaining scarcity while achieving scale.
Read sourceOn Running Unveils Expansion Strategy, Targets at Least 5.6 Billion Swiss Francs in Net Sales by 2029
On Running (NYSE: ONON) presented its 2026-2029 strategic plan at an Investor Day in Zurich on September 22, aiming to restore investor confidence after a year-to-date stock decline of over 40%. The plan includes expansion into football and golf, with French star Kylian Mbappé joining as a global partner and Thierry Henry as football business director; football products are expected by 2027. Financial targets include a compound annual net sales growth rate near 20% at constant exchange rates, reaching at least 5.6 billion Swiss francs (approximately $7 billion) by 2029, and an adjusted EBITDA margin of no less than 22%. The board also authorized its first share buyback program of up to $1 billion in Class A ordinary shares by end of 2029. The strategy marks a shift from high growth to high-quality growth, as the company manages wholesale supply in North America to avoid discounting. Analysts are divided, with some seeing a 12-24 month observation period needed, while others cite reduced revenue visibility due to wholesale contraction.
On Holding Unveils Expansion Strategy, Targets at Least 5.6 Billion Swiss Francs in Sales by 2029
On Holding AG (NYSE: ONON), the Swiss sportswear company behind the On brand, unveiled a new strategic plan during its Investor Day in Zurich on September 22, aiming to restore investor confidence after its stock price fell over 40% year-to-date. The company announced plans to enter the football and golf categories, having recently signed French footballer Kylian Mbappé as a global partner and appointed Thierry Henry as head of football business, with football products expected in 2027. Financially, On targets a compound annual net sales growth rate of nearly 20% at constant exchange rates from 2026 to 2029, reaching at least 5.6 billion Swiss francs (approximately $7 billion) by 2029. The company also aims for an adjusted EBITDA margin of at least 22% by 2029. In a show of confidence, the board authorized its first-ever share buyback program of up to $1 billion in Class A ordinary shares through the end of 2029. The strategy marks a shift from high growth to high-quality growth, as the company manages wholesale supply in North America to protect its premium brand positioning, a move that has led to a market revaluation. Analysts are divided, with some seeing a 12-24 month observation period needed, while others cite reduced revenue visibility.
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