Federer-Backed Shoemaker On Plots Fast Growth in Bid to Rival Nike, Adidas
- Swiss company wants faster growth in China, tennis and fitness
- Plan is to double sales by 2026 and boost profitability
On is one of a few sports brands that have posted dramatic growth in recent years.
Source: On Holding AG
On Holding AG’s shares fell after the Swiss shoemaker laid out ambitious growth plans but failed to upgrade its near-term guidance, disappointing investors who were hoping for more immediate rewards.
The company said it plans to double sales to 3.55 billion Swiss francs ($3.85 billion) by 2026, targeting fast growth in China. On has ambitions beyond 2026 of pulling in more than 10% of its net sales from the country, as well as from its own network of retail stores and from apparel products, it said Wednesday ahead of an investor event.