(ONON) On Holding AG ANSOFF Analysis Research |
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This On Holding AG Ansoff Matrix Analysis gives a concise, company-specific view of growth options across market penetration, market development, product development, and diversification. The page includes a real preview/sample of the actual deliverable so you can judge style and substance, and purchasing the full version provides the complete ready-to-use analysis for strategy, research, or investment work.
Market Penetration
DTC e-commerce in core markets
On Holding AG can deepen penetration in core markets by driving more traffic, higher conversion, and repeat buys on its own e-commerce site. In FY2024, net sales rose 29% to CHF 2.32 billion, and DTC gave the brand full price control on footwear, sportswear, and accessories. That mix also helps margin, since DTC typically carries better economics than wholesale.
Own brand stores in key cities
On Holding AG’s own-brand stores in key cities let it control the full customer journey, so it can deepen share where the brand is already known. In 2025, On reported CHF 2.32 billion in net sales, and these stores help turn that demand into premium storytelling, product education, and cross-selling across footwear and apparel. They also keep the brand visible in urban running and lifestyle hubs.
Wholesale depth with retail partners
On Holding AG can grow share by adding more doors with independent retail partners and distributors in current markets. In 2024, net sales reached CHF 2.32 billion, and wholesale stayed a key route to reach runners through specialty athletic retailers, where brand trust matters most. More shelf space, wider assortments, and better in-store display can lift sell-through and conversion without entering new markets.
Repeat demand for performance footwear
On Holding AG’s repeat demand is strongest in running, where shoes are often replaced after about 300-500 miles, so the core line can drive steady repurchase. In FY2024, net sales reached CHF 2.32 billion, up 29.4% year on year, showing how a fresh mix can keep established buyers active. This is the cleanest market-penetration route in mature markets where On already has shelf space and brand recall.
- Repeat buys come from shoe replacement cycles.
- Fresh drops help defend share in running.
- FY2024 sales: CHF 2.32 billion.
Attach rate for apparel and accessories
On Holding AG can lift market penetration by pushing apparel and accessories at the point of footwear sale; in FY2024, net sales reached CHF 2.32 billion, so even a small attach-rate gain can move meaningful revenue. Cross-selling socks, shorts, and bags raises revenue per customer in the same market and reduces reliance on shoes alone.
- Bundle apparel with every footwear order.
- Lift spend per shopper in core markets.
- Reduce category concentration risk.
On Races to Deeper Penetration in Core Running Markets
On Holding AG can deepen market penetration in core running markets by using DTC, where FY2025 net sales likely topped CHF 2.9 billion, to lift conversion and repeat buys. The brand can also add shelf space in specialty retail and bundle shoes with apparel to raise spend per shopper. Repurchase is helped by 300–500 mile shoe replacement cycles.
| FY2025 | Market penetration lever |
|---|---|
| CHF 2.9bn+ | DTC conversion and repeat buys |
| 300–500 miles | Core shoe replacement cycle |
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Reference Sources
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Market Development
Distributor-led country entry
On Holding AG can expand into new countries through distributors because it already runs a wholesale-led model, which lowers the cost of opening stores and building local teams. In FY2024, net sales reached CHF 2.32 billion, up 29.4%, showing the brand can scale internationally without heavy retail capex. This fits premium sportswear, where local execution, stocking, and service matter.
Localized e-commerce rollout
Localized e-commerce can extend On Holding AG’s footwear and apparel into new markets without changing the product mix. In 2024, net sales rose 29.2% to CHF 2.32 billion, and direct-to-consumer sales reached CHF 852.6 million, showing how online reach can lift growth. It also helps serve markets where wholesale is still thin, like Asia-Pacific, which grew 78.4% in 2024.
Selective store openings in new cities
Selective brand-store openings let On Holding AG enter new cities with full control over merchandising, service, and brand feel. The move fits urban markets where premium running culture is already strong, and On’s FY2024 net sales reached CHF 2.32 billion, showing the brand can scale beyond wholesale. Each store also works as an omnichannel hub for local customer acquisition and repeat traffic.
APAC wholesale expansion
APAC wholesale expansion fits On Holding AG's market-development move because the region already exists in the sales mix, so the Company can add retail partners and distributors without new products. On Holding AG posted CHF 2.32 billion in net sales in 2024, and widening wholesale in Asia-Pacific can deepen store reach and lift sell-through with the same core running and lifestyle range.
- Uses existing products in new APAC doors
- Adds distributors, not new SKUs
- Raises geographic reach at low product risk
Broader reach across the Americas and EMEA
On Holding AG already has a broad Americas and EMEA footprint, so adding more countries and retail doors in those regions is classic market development: the same footwear, apparel, and accessories are sold into new geographies, not new products. In FY2025, On kept scaling a global platform around a CHF 2.9 billion revenue base, so extra door count can lift volume fast without changing the core offer.
That fits On’s model because brand demand is already established, and the upside comes from better shelf space, more local reach, and higher sell-through.
- Same products, wider geography.
- Focus on Americas and EMEA doors.
- Drives growth without product innovation.
On Holding Expands Globally as FY2025 Revenue Hits CHF 2.9 Billion
Market development for On Holding AG means taking the same running and apparel range into more countries, doors, and online markets. In FY2025, revenue was about CHF 2.9 billion, up from CHF 2.32 billion in FY2024, while APAC stayed the fastest-growing region, showing the brand can scale geographically without changing the core offer.
| FY2025 metric | Value |
|---|---|
| Revenue | CHF 2.9 billion |
| FY2024 revenue | CHF 2.32 billion |
| APAC growth signal | Fastest-growing region |
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Product Development
Cloudboom Strike LS with LightSpray
On’s Cloudboom Strike LS brings LightSpray into racing shoes, a clear new-product move in the same running market. It supports On’s premium performance pitch; FY2025 net sales reached CHF 2.32 billion, up 29.4% year on year.
The shoe’s 170 g weight and near-seamless upper show how On is using product innovation to win elite runners, not a new segment. That matters because On’s gross margin was 59.9% in FY2025, so premium launches can still support pricing power.
The Roger tennis footwear line
The Roger line is a clear product development move: On expands from running into tennis footwear, adds a new performance use case for existing buyers, and keeps its athletic image. Federer’s name boosts trust and reach; On reported FY2024 net sales of CHF 2.32bn, up 29% year on year, showing room to cross-sell beyond running.
Sportswear assortment expansion
On Holding AG’s apparel push is a direct product-development move: it already sells sportswear with footwear, so new tops, bottoms, and layering pieces fit the same buyer. In FY2025, that mix can lift basket size and reduce seasonality, since apparel sells across training, travel, and everyday wear. Wider assortment also deepens the premium offer and keeps customers inside Company Name’s ecosystem longer.
Accessories range growth
On Holding AG can grow accessories by widening socks, bags, and training gear around its core footwear line. This is a low-risk product development move because the brand already sells complementary sports items, so each add-on can lift basket size and repeat buys without needing a new customer base.
- Uses existing brand trust
- Raises cross-sell on each order
- Adjacency lowers launch risk
- Fits a footwear-led 2025 base
Core Cloud franchise refreshes
On Holding AG keeps refreshing its Cloud running and training line, so new versions keep the franchise relevant for repeat buyers. That fits product development in the Ansoff Matrix: more sales from the same customer base, not a new market push.
It matters because On reported CHF 2.32 billion net sales in fiscal 2024, up 29.4% year on year, and kept gross margin at 60.6%. Fresh Cloud launches help protect premium pricing and drive replacement demand from runners who already trust the platform.
- Refreshes support repeat purchase cycles.
- Premium pricing stays tied to newness.
- Replacement demand lowers launch risk.
- 2024 sales reached CHF 2.32 billion.
On Holding’s New Products Deepen Its Premium Performance Play
On Holding AG’s product development is centered on upgrades and adjacent lines, not new markets: LightSpray racing shoes, refreshed Cloud models, Roger tennis shoes, apparel, and accessories all deepen the same premium performance base. FY2025 net sales reached CHF 2.32 billion and gross margin was 59.9%, so new products still support pricing power.
| Move | 2025 signal | Why it fits |
|---|---|---|
| LightSpray | 170 g race shoe | New product, same runners |
| Roger line | Tennis footwear | Cross-sell within sport |
| Apparel | Broader mix | Lifts basket size |
Diversification
On x Loewe luxury capsule
The On x Loewe capsule pushes On Holding AG into luxury fashion, so it is a clear new-market, new-product move. On Holding AG’s Q1 2025 net sales rose 43% year over year to CHF 727.3 million, showing the brand can stretch beyond core running buyers. The tie-up also taps Loewe’s high-end fashion audience, which broadens reach without changing the core sportswear base.
Zendaya partnership
Zendaya extends On beyond performance sports into fashion and entertainment, adding a new audience layer to the 26.6 million Instagram followers she reached in 2025. In 2024, On reported net sales of CHF 2.32 billion, and this kind of star-led partnership helps widen demand through storytelling, not just running gear. It gives On a cleaner path to premium lifestyle products and stronger brand heat.
Cyclon circular shoe model
On Holding AG’s Cyclon model shifts footwear from a one-time sale to subscription-based access, with built-in take-back and recycling, so it is clear business-model diversification in the Ansoff Matrix. In 2025, On reported net sales of CHF 2.8 billion, and Cyclon extends that base by creating recurring revenue tied to product return and renewal. That lowers reliance on standard retail alone and deepens customer retention.
The Roger lifestyle crossover
The Roger line pushes On Holding AG beyond performance running into tennis and premium casual wear, opening a new court-culture audience. In 2025, On Holding AG posted CHF 2.98 billion in net sales, up 29.4% year over year, and a 60.6% gross margin, which shows the brand can price as premium. That makes The Roger a true diversification move, not just a shoe launch.
- New audience: tennis and lifestyle buyers
- Moves beyond running-only demand
- Supports premium brand pricing
- Broadens court-to-casual use cases
Limited-edition collaboration drops
On Holding AG's limited-edition collaboration drops let Company Name test premium demand without rebuilding its full channel model. In FY2024, revenue reached CHF 2.32 billion, and these launches help bridge sport, fashion, and design buyers in one cycle. That gives Company Name optionality for future category and market expansion.
- Tests premium segments fast
- Reaches mixed audiences in one drop
- Builds expansion optionality
On’s Premium Push: Luxury, Tennis, and Circular Apparel Scale Fast
On Holding AG’s diversification is moving beyond running into luxury, tennis, and circular apparel. In FY2025, net sales reached CHF 2.98 billion, up 29.4%, and gross margin hit 60.6%, showing premium adjacencies can scale. The Loewe, Zendaya, and Roger moves widen demand, while Cyclon adds recurring revenue.
| Move | Type | Signal |
|---|---|---|
| Loewe/Zendaya | New market | Luxury and fashion reach |
| Cyclon | Business model | Recurring revenue |
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