(ONON) On Holding AG BCG Matrix Research |
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This On Holding AG BCG Matrix is a ready-made strategic analysis that helps you see how the company’s products or business units fit into the four BCG quadrants: Stars, Cash Cows, Question Marks, and Dogs. The page already shows a real preview of the actual deliverable, so you can review the format and content before buying. Purchase the full version to get the complete ready-to-use analysis instantly.
Stars
Performance running footwear
Performance running footwear is On Holding AG’s clear Star: in FY2024, footwear was about 90% of net sales, or roughly CHF 2.1 billion of CHF 2.32 billion total revenue. The category sits in fast-growing running and racing demand, and it drives volume, brand heat, and premium pricing. Strong launches like Cloudmonster and Cloudboom keep the mix tilted toward higher-value sell-through.
Cloudmonster family
Cloudmonster is On Holding AG’s flagship max-cushion franchise, and it fits Star logic because it drives premium road-running demand while On kept net sales growing to CHF 2.32 billion in FY2024. The line supports higher-price positioning in a market where premium running shoes still expand. Heavy product refreshes and brand spend keep the family visible and growing.
Cloudsurfer family
Cloudsurfer was refreshed in 2023 and 2024, so it is still gaining traction rather than fading. On Holding AG’s 2024 net sales reached CHF 2.32 billion, and running remained its core category, with Cloudsurfer helping defend share in a fast-growing performance running market. That new-model momentum fits a Star: high growth, rising visibility, and strong strategic pull.
Cloudboom racing line
Cloudboom is On Holding AG’s race-day super-shoe platform, and elite running remains a fast-moving niche where brand wins spill into the rest of the line. On Holding AG posted CHF 2.32 billion net sales in 2024, and premium performance products help defend that growth. The need for constant foam, plate, and fit updates makes Cloudboom a Star.
- Race-day halo lifts the whole brand.
- Elite racing changes fast, so invest often.
- Cloudboom fits Star: growth plus share.
Direct-to-consumer e-commerce
Direct-to-consumer e-commerce stayed a Star for On Holding AG because the brand’s own web channel scales faster than wholesale and captures full-price demand. In FY2025, that model kept improving mix quality: DTC gives On more control over pricing, margin, and customer data, while wholesale remains more promotion-prone. That is why the channel fits the Star box in the BCG Matrix.
- Faster growth than wholesale
- Supports full-price selling
- Improves margin control
- Strengthens brand data access
On’s Running Franchises and DTC Drive Growth
On Holding AG’s Stars are its premium running franchises and DTC e-commerce. In FY2024, net sales were CHF 2.32 billion, and footwear was about CHF 2.1 billion, or 90% of revenue. Cloudmonster, Cloudsurfer, and Cloudboom still ride fast-growing running demand, while DTC keeps mix, pricing, and data control strong.
| Star | FY2024 |
|---|---|
| Footwear | CHF 2.1bn |
| Net sales | CHF 2.32bn |
| Footwear mix | 90% |
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Cash Cows
Cloud 5 family
Cloud 5 remains On Holding AG’s long-running bestseller in lifestyle-running, so it sits in a mature, high-awareness position rather than a growth-led launch. Stable repeat demand and wide retail reach support strong cash generation, even as newer performance lines take the spotlight. In BCG terms, that mix of maturity, scale, and dependable sales makes Cloud 5 a Cash Cow.
Wholesale channel
Wholesale stayed On Holding AG’s biggest route to market in 2024, with repeat orders from retail partners and a lower-growth profile than DTC. It helped drive the Company’s CHF 2.32 billion net sales and generated steady cash flow with less selling cost. That makes it a clear Cash Cow: mature, reliable, and still highly profitable.
Europe core market
Europe is On Holding AG’s home market and a mature premium-running region, so growth there is slower than in newer geographies. The brand already has strong recognition and established shelf space across key European cities, which supports steady repeat sales. That makes Europe a Cash Cow: lower growth, but reliable cash generation from an entrenched base.
Brand stores
Brand stores are a Cash Cow for On Holding AG because owned shops let the Company keep full-price control and shape the brand in prime locations. The store fleet is still smaller than the digital channel, but it is more mature and steady, so once a site is built, it can throw off dependable cash. In 2024, On reported CHF 2.32 billion in net sales and 46.5% gross margin, showing the kind of pricing power the store channel helps protect.
- Full-price control supports margins
- Smaller base, but stable cash flow
- Owned stores strengthen brand image
- Mature network needs less heavy reinvestment
Distributor replenishment
Distributor replenishment is a Cash Cow for On Holding AG because established distributor markets keep ordering core styles again and again. In Q1 2025, net sales rose 43% year over year to CHF 726 million, showing how this base can stay strong without needing a new launch every cycle. The trade-off is slower upside than new categories, but steadier cash.
- Recurring orders support core styles
- Less explosive than new launches
- Steady cash and demand visibility
On Holding’s Cash Cows Keep the Growth Engine Fed
On Holding AG’s Cash Cows are its mature channels and regions: wholesale, Europe, brand stores, and distributor replenishment. They already have strong reach, repeat demand, and lower reinvestment needs, so they keep throwing off cash even as newer lines get more focus.
| Cash Cow | Latest data |
|---|---|
| Q1 2025 net sales | CHF 726m |
| Q1 2025 growth | 43% YoY |
| 2024 net sales | CHF 2.32bn |
| 2024 gross margin | 46.5% |
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Dogs
Socks
On Holding AG’s sock line stays tiny beside its CHF 2.32 billion FY2024 net sales base, which is driven mainly by shoes. Demand is much lower than for core footwear, so socks have little scale and weak growth. In a BCG Matrix, that puts Socks in the Dog box: low share, low growth, and limited capital use.
Caps
Caps are a small add-on in On Holding AG’s mix, so they do not move revenue or brand strength much. The category has modest repeat volume and low scale, which keeps it in Dog territory in the BCG matrix. In FY2025, On Holding AG still earned most of its sales from footwear, so caps remain a niche, low-priority line.
Bags
Bags fit the Dogs box for On Holding AG because they are a tiny add-on, not a main buy driver. In FY2024, On Holding AG reported CHF 2.32 billion in net sales, and Bags were not broken out as a material line, which points to a very small share and weak strategic weight. That mix of low visibility and limited growth makes Bags a clear Dog.
Small accessories
Small accessories such as laces and minor add-ons are low-volume lines at On Holding AG and fit the Dogs bucket in the BCG matrix. They support brand detail and product mix, but they do not meaningfully lift revenue or margin versus the core footwear engine, which drove CHF 2.32 billion in 2024 sales. In BCG terms, they are niche, cash-light, and not a growth priority.
- Low volume, low strategic impact
- Brand support, not a core driver
- Fits Dogs under BCG
Cloudaway and similar niche lines
Cloudaway and similar niche travel and utility styles are still far smaller than On Holding AG's running franchises. They have weak market reach and slower sell-through, so they fit the Dogs box in the BCG Matrix.
- Small share versus core running lines
- Slower rotation, lower shelf pull
- Limited growth, weak strategic fit
On’s Accessories Stay Tiny and Land in the Dogs Box
Socks, caps, bags, laces, and similar add-ons stayed tiny in On Holding AG’s FY2025 mix, far behind the footwear engine. With net sales still dominated by shoes and no material standalone scale for these lines, they have low share and weak growth. In BCG terms, they fit the Dogs box.
| Line | FY2025 view | BCG |
|---|---|---|
| Accessories | Tiny share | Dog |
| Niche styles | Low growth | Dog |
Question Marks
Apparel
Apparel is still a small part of On Holding AG versus footwear, but it can grow faster because it starts from a low base. In FY2025, On guided for net sales above CHF 2.3 billion, yet apparel still needs more spend to build scale, brand pull, and shelf space. That puts Apparel in the Question Mark box: high upside, but it needs more capital and focus to win share.
Tennis line
On Holding AG’s tennis line is a branded entry into a large sport, backed by Roger Federer and the Roger platform. With On Holding AG reporting CHF 2.32 billion in 2024 revenue, up 29% year over year, tennis still sits in an early-stage slot and is not broken out separately, so its share is still small. That makes it classic Question Mark territory: high growth potential, but low current share and still unproven scale.
Trail running
Trail running is expanding as performance brands tap outdoor demand, but On Holding AG still makes most sales in road running. In 2024, On Holding AG reported net sales of CHF 2.32 billion, up 29.4% year over year, yet it does not break out trail as a separate revenue line. That points to a smaller share in a rising market.
On has trail shoes and apparel, so the category is real, but scale is still below core road products. In BCG terms, low share plus growth means Question Mark: promising, but not yet a leader.
Outdoor and hiking footwear
Outdoor and hiking footwear broadens On Holding AG beyond running, but it is still a smaller part of the mix and not separately broken out in reported sales. That means it has clear growth room, yet it has not reached the scale or cash generation to be a Star, so it fits the Question Mark quadrant. The bet is on demand expansion, not current dominance.
- Expands beyond running
- Growth potential is real
- Still not a core revenue driver
- Question Mark fits best
Lifestyle collaboration capsules
On Holding AG’s lifestyle collaboration capsules help the brand reach fashion and premium buyers, but they still sit far below the core running franchise that drove FY2025 revenue to CHF 2.98 billion. The launches can create strong buzz and sell-through, yet the base is still small, so the category has high attention but limited scale. That mix fits a Question Mark in the BCG Matrix.
- High buzz, low volume
- Supports premium brand image
- Still secondary to running
On’s Growth Bets: High Upside, Still Early-Stage
On Holding AG’s Question Marks are apparel, tennis, trail, outdoor and lifestyle capsules: they have clear growth upside, but still small share versus footwear, which drove FY2025 revenue to CHF 2.98 billion. These lines need more capital, shelf space and brand pull before they can scale.
| Question Mark | Why |
|---|---|
| Apparel | Small share |
| Tennis | Early-stage |
| Trail/Outdoor | Low share |
They fit the Question Mark box: high potential, low current share, and still unproven scale.
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