On Holding is a Swiss premium sportswear brand that designs and sells footwear, apparel, and accessories. Footwear is the dominant product category at roughly 93% of net sales, anchored by its signature CloudTec cushioning technology — hollow, cloud-like pods in the sole that deliver a distinctive underfoot feel. Key footwear franchises span performance running (Cloudmonster, Cloudsurfer, Cloudrunner) and lifestyle (Cloud, Cloudtilt, The Roger — a tennis line co-created with Roger Federer). Apparel is a small but fast-growing category, and On is investing to become a head-to-toe sportswear brand. On sells through two channels: wholesale (~58% of net sales), where On deliberately limits retail door count to protect brand equity, and direct-to-consumer (~42%), through its e-commerce platform and 67 owned retail stores globally. The Americas is the largest geography at ~58% of net sales, with Asia-Pacific the fastest-growing region. On prices its products at a premium and explicitly avoids discounting, which management argues protects both margins and brand equity. DTC generates higher gross margins than wholesale, so DTC mix expansion is a key margin driver. On manufactures roughly 90% of footwear in Vietnam, making U.S. tariffs a notable cost headwind. On reports in Swiss francs but earns heavily in USD, creating FX exposure. On's marquee manufacturing innovation, LightSpray, uses a robotic arm to spray an upper onto a last in roughly three minutes, reducing waste and simplifying production — On opened its first LightSpray facility in Zurich in 2025 and is in early stages of scaling it.