The Complete Ticker: On Holding (ONON) From IPO To Impact

On Holding began with an unusual prototype: retired Swiss athlete Olivier Bernhard experimented with pieces of garden hose attached to a running shoe in search of a softer landing and firmer push-off. That experiment eventually became CloudTec, the cushioning system around which On built its identity.

The more important story for investors, however, is what happened after the product worked.

On managed to cross from specialist running footwear into mainstream lifestyle demand without abandoning the performance credibility that made the brand valuable in the first place. That balance now sits at the center of the ONON investment story. The question is no longer whether consumers recognize the shoes. It is whether On can keep expanding across channels, regions, and product categories without diluting the premium positioning that drove its rise.

From Running Experiment To Public Company

Olivier Bernhard founded On in 2010 with David Allemann and Caspar Coppetti after experimenting with the cushioning concept that became CloudTec. The unusual sole geometry gave the company something every young footwear brand needs: a product consumers could recognize immediately and a sensation runners could distinguish once they put it on.

Running specialty stores helped establish the brand's technical credibility, but the company's reach widened significantly in 2019 when Roger Federer joined as an investor and co-entrepreneur.

The partnership mattered because it expanded On beyond running without forcing the brand into a conventional celebrity endorsement. Federer became involved in product development, including The Roger footwear line, giving On a credible bridge into tennis and lifestyle footwear.

By September 2021, the company was ready for public markets.

On priced its New York Stock Exchange IPO at $24 per share on September 15, 2021. The stock opened at $35.40, roughly 48% above the offer price, as investors assigned a premium valuation to a footwear company still early in its global expansion.

That enthusiasm did not last uninterrupted.

ONON fell below its $24 IPO price during the broader growth-stock selloff of 2022 and spent portions of that year trading below $20. The decline separated the excitement surrounding the listing from the more important question investors would have to answer: could On continue building the business once the IPO narrative disappeared?

The Business Kept Scaling

The clearest evidence is in the company's sales mix.

On generated CHF 3.014 billion in net sales during 2025. Shoes remained overwhelmingly dominant at CHF 2.804 billion, or about 93% of total sales. Apparel contributed roughly 6%, while accessories remained near 1%.

That concentration cuts both ways.

Footwear is still the engine, which means On has not yet demonstrated that apparel or accessories can become major businesses. At the same time, the company continues to grow from a category where it already has substantial consumer recognition rather than relying on adjacent products to sustain the story.

The channel mix is also worth watching.

Wholesale accounted for approximately 58% of 2025 net sales, while direct-to-consumer represented about 42%. Wholesale keeps On visible through retailers and specialist running stores, while DTC gives the company greater control over presentation, customer relationships, and economics.

The useful signal is not simply that DTC is growing. It is whether On can expand its direct business without weakening the wholesale network that helped establish the brand.

Geography Is Becoming More Important

The Americas remained On's largest region in 2025, generating approximately 58% of total sales. EMEA contributed about 25%, while Asia-Pacific accounted for roughly 17%.

The percentages alone miss the more interesting development.

Asia-Pacific sales reached CHF 511.1 million in 2025, up 96.4% from the prior year. That makes international expansion, particularly in Asia, one of the clearest areas where the company's growth profile can broaden beyond its existing Americas-heavy base.

That matters because On does not need every region to resemble the U.S. business immediately. It needs evidence that the brand can travel without depending on deep discounting or sacrificing its premium positioning.

Performance Still Supports The Lifestyle Story

One reason On has avoided becoming purely a fashion-driven sneaker brand is that its performance credibility has continued to develop alongside its lifestyle appeal.

Hellen Obiri's consecutive Boston Marathon victories in 2023 and 2024 were important examples. Results like those reinforce the competitive-running side of the company at the same time its footwear increasingly appears away from the race course.

That combination is difficult to manufacture.

A performance brand that becomes fashionable can expand its audience dramatically. A fashion brand that loses technical credibility can become dependent on trend cycles. On's challenge is preserving the first outcome without drifting toward the second.

The IPO Price Became An Investor Reference Point

ONON's stock history reflects the changing expectations around the company.

The $24 IPO price became an early reference point after shares opened well above it in September 2021. During the 2022 selloff, the stock moved beneath that level and eventually into the teens.

The recovery that followed coincided with continued revenue growth, improving supply conditions, new product launches, and stronger evidence that demand extended beyond the initial enthusiasm surrounding the brand.

For traders, that history matters because old IPO levels often carry investor memory. They mark where early expectations were established and, after a major drawdown, where sentiment can be tested again.

But the more important chart work should come from the current structure, not from forcing significance onto four-year-old prices. Current support, resistance, trend structure, earnings gaps, and volume behavior should carry more weight than the IPO price simply because it is memorable.

What Traders Should Watch

There are several business variables that can eventually show up in ONON's chart.

First is footwear demand. Shoes still generate roughly 93% of revenue, so weakness in the core franchises matters more than growth in a much smaller accessories business.

Second is DTC growth. On's direct channel represented about 42% of 2025 sales. Continued expansion can improve control over the customer relationship, but traders should watch whether it complements rather than cannibalizes wholesale.

Third is Asia-Pacific growth. The region remains much smaller than the Americas but grew far faster in 2025. Sustaining that expansion would make On less dependent on its largest established market.

Fourth is gross margin and inventory discipline. Footwear companies can grow revenue while damaging economics through excess inventory and discounting. The cleaner signal is growth that preserves pricing power.

Finally, traders should separate the company story from the chart setup. A strong brand does not automatically make a stock attractive at every price. The chart still determines where buyers and sellers are actually committing capital.

The Bottom Line

On's rise is not simply a story about an unusual running shoe.

The company built technical credibility first, expanded into lifestyle demand without abandoning performance, and then used that broader appeal to scale internationally. By 2025, sales had passed CHF 3 billion, DTC represented more than 40% of the business, and Asia-Pacific had become its fastest-growing major region.

That gives investors a clearer framework for ONON than the origin story alone.

The key question is whether On can preserve premium demand as it gets larger. Watch footwear strength, DTC expansion, international growth, margins, and inventory for the answer. The stock chart can then tell traders whether the market agrees.