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On Holding AG Business Model Canvas: Strategy, Growth, and Competitive Edge
Unlock the full strategic blueprint behind On Holding AG’s business model. This concise Business Model Canvas reveals how the company creates value, grows its premium athletic brand, and competes in a fast-moving global market. Ideal for investors, strategists, and business students seeking actionable insight.
Partnerships
Independent retail partners
On works with a wide network of independent sports and specialty retailers, giving the brand extra shelf space and local reach beyond its direct channels. In 2024, On reported CHF 2.32 billion in net sales, and these partners help it reach runners and premium athletic shoppers in many countries.
Global distributors
Global distributors help On Holding AG cover countries where it does not sell directly at scale, move product across markets, and handle local trade rules. This lowers the need for a full sales force in every market and supports growth from a CHF 2.3 billion net sales base reported in 2024.
Manufacturing suppliers
On Holding AG depends on external suppliers and contract manufacturers to source materials and assemble footwear and apparel, a setup that supported CHF 2.32 billion in net sales in fiscal 2024. Their execution matters because it shapes product quality, lead times, and gross margin, which was 60.6% in 2024.
Athlete ambassadors
On uses athlete ambassadors to pressure-test claims, shape product launches, and give its running and training gear visible proof at the highest level. The model matters: in FY2025, elite athlete stories helped turn performance credibility into brand trust and sell-through.
- Elite athletes validate performance claims
- Boost trust in running and training
- Support testing, storytelling, launches
Logistics providers
Third-party logistics partners let On Holding AG store, pick, and ship faster across regions, so direct orders and wholesale replenishment move with fewer stock gaps. In FY2024, On Holding AG posted net sales of CHF 2.32 billion, so accurate, fast fulfillment matters more as volume scales.
- Supports DTC and wholesale delivery
- Improves inventory accuracy
- Boosts speed and customer satisfaction
How On’s Key Partners Drive Growth and Execution
On Holding AG’s key partnerships are with independent retailers, distributors, contract manufacturers, athlete ambassadors, and 3PLs. In FY2024, On reported CHF 2.32 billion net sales and a 60.6% gross margin, so these partners directly support reach, supply, and execution.
Elite athletes validate product claims and help launch new running and training gear, while logistics partners keep DTC and wholesale orders moving with fewer stock gaps.
| Partner | Role |
|---|---|
| Retailers | Expand reach |
| Manufacturers | Build products |
| Athletes | Validate performance |
| 3PLs | Ship and store |
What is included in the product
Detailed Word Document
A concise, real-world Business Model Canvas for On Holding AG, covering all 9 blocks with clear strategic insights.
Customizable Excel Spreadsheet
Quickly maps On Holding AG’s key pain relievers in a one-page business snapshot.
Reference Sources
Provides a clear source trail for On Holding AG, helping validate key assumptions and speeding investor due diligence.
Activities
Product design
Product design is core at On Holding AG: athlete insight and technology turn into footwear, apparel, and accessories built for performance and comfort. In FY2024, net sales rose 29.4% to CHF 2.32 billion and gross margin reached 60.6%, showing how innovation supports premium pricing and scale.
Product development
On Holding AG prototypes, tests, and refines each model before launch, with fit, materials, cushioning, and durability built into the process. This supports fast refreshes and premium differentiation; in 2024, net sales reached CHF 2.32 billion, showing strong demand for its newer product cycles.
Manufacturing oversight
On Holding AG runs manufacturing oversight through external partners, so it must control specs, quality, and delivery timing closely. In 2025, this mattered as the company scaled global sales to CHF 2.32 billion, making tight supplier checks key to keeping supply steady and on time.
Omnichannel sales
On Holding AG runs omnichannel sales across e-commerce, retail partners, distributors, and brand stores, and it keeps pricing, inventory, and assortments aligned so demand flows cleanly to both direct and wholesale customers. In 2025, On Holding AG reported about CHF 3.0 billion in net sales, showing how this channel mix scales reach while protecting sell-through.
- Owns direct and wholesale demand
- Aligns pricing and stock by channel
- Supports 2025 sales of about CHF 3.0 billion
Marketing and sponsorship
On Holding AG treats marketing and sponsorship as a core growth engine, using athlete stories, launch campaigns, events, and digital media to build the brand. In FY2024, net sales reached CHF 2.32 billion, up 29.4%, showing how premium brand demand supports scaling.
- Elite athlete endorsements drive trust
- Events and launches fuel awareness
- Digital media supports global reach
- Sponsorship lifts premium positioning
On’s Premium Growth Engine: Innovation, Control, and Strong Margins
On Holding AG’s key activities are product innovation, tight outsourced manufacturing control, and brand-led demand generation. FY2025 net sales were about CHF 3.0 billion, and gross margin held near 60.7%, showing that design, quality control, and premium marketing are the main growth engines.
| Key activity | 2025 fact |
|---|---|
| Innovation | CHF 3.0bn net sales |
| Quality control | 60.7% gross margin |
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Resources
On brand equity
In 2024, On Holding AG posted net sales of CHF 2.32 billion and a gross margin of 60.6%, showing the brand's pricing power. The On name anchors premium performance, Swiss design, and innovation, which helps keep retailer demand strong and supports full-price sell-through.
CloudTec technology
CloudTec is On Holding AG's signature shoe tech, shaping cushioning and ride feel in running models and helping the brand stand out. In 2025, On generated CHF 2.9 billion in net sales and kept gross margin near 60%, showing how proprietary product know-how can support both loyalty and premium pricing.
Zurich headquarters
On Holding AG’s Zurich headquarters anchors corporate leadership, design, and global coordination from Switzerland. That Swiss base supports a premium brand tied to precision and performance, and it sits behind a business that reported CHF 2.32 billion in net sales in 2024, underscoring the scale managed from Zurich.
Digital commerce platform
On Holding AG owns and runs its own e-commerce platform, which supports direct sales, first-party customer data capture, and tighter control over brand messaging. In FY2025, this channel stayed central to full-price selling and product storytelling, helping On Holding AG reduce dependence on wholesale markdowns and keep the customer relationship in-house.
- Direct sales without retailer cut
- Captures first-party customer data
- Supports full-price sell-through
- Controls brand and product story
Global supply network
On Holding AG's global supply network links suppliers, makers, and logistics partners across Asia, Europe, and the Americas, supporting worldwide delivery of footwear and apparel. In FY2024, net sales reached CHF 2.32 billion, showing how scale depends on flexible sourcing and shipping capacity.
- Global suppliers and makers
- Flexible production capacity
- Logistics for worldwide availability
On’s Core Resources Power Premium Growth and 60% Gross Margins
Key resources are On Holding AG’s brand, CloudTec IP, Zurich HQ, e-commerce platform, and global supply network. In FY2025, net sales were CHF 2.9 billion and gross margin stayed near 60%, showing these assets support premium pricing, direct demand, and scale.
| Resource | Role |
|---|---|
| Brand, CloudTec | Premium demand |
| E-commerce, HQ | Direct control |
Value Propositions
Performance footwear
On's performance footwear centers on running and training shoes built for speed, comfort, and responsiveness. The category backed CHF 2.32 billion in FY2024 revenue, up 29.2%, showing strong demand for premium technical shoes.
Lightweight cushioning
Lightweight cushioning is central to On Holding AG’s appeal: its shoes are built to feel light while still softening impact, so runners get protection without a heavy ride. That fit with demand helped drive 2024 net sales up 29.4% to CHF 2.32 billion, showing how the category supports both performance and growth.
Swiss designed sportswear
On blends performance sportswear with a clean Swiss design language, so the look feels premium and modern, not just technical. That wider style appeal helped support CHF 2.32 billion in net sales in 2024, with gross margin at 60.6%, and it reaches beyond running into lifestyle and fashion.
Premium athletic style
On’s premium athletic style blends performance gear with everyday wear, so one shoe or apparel piece can work for training and city use. That broadens demand in the premium segment, which helped On lift net sales to about CHF 2.3 billion in 2024 and keep scaling into 2025.
- Sport performance plus daily wear
- Premium pricing and brand pull
- Broader use cases, stronger demand
Broad omnichannel availability
ON Holding AG’s broad omnichannel setup lets customers buy through e-commerce, brand stores, distributors, and retail partners, so the shoes are easy to find across more than 80 countries. That reach supports conversion and service, and it backed net sales of CHF 2.32 billion in FY2024.
- E-commerce, stores, and partners
- Findable in many markets
- Improves reach and conversion
On’s Premium Performance-Lifestyle Edge Drives 29% Sales Growth
On’s value proposition is premium performance gear that feels light, cushions impact, and works for both sport and everyday wear. That mix helped net sales reach CHF 2.32 billion in FY2024, up 29.2%, with gross margin at 60.6%.
| Value proposition | FY2024 data |
|---|---|
| Performance + lifestyle | CHF 2.32bn net sales |
| Premium pricing power | 60.6% gross margin |
Customer Relationships
Direct online service
In 2024, On Holding AG lifted net sales to CHF 2.32 billion, helped by its direct-to-consumer channel, which includes its own digital storefront. That setup gives On control over pricing and presentation, while also capturing first-party customer data and supporting repeat purchases.
In store assistance
On Holding AG uses brand stores and retail partners for hands-on help, where staff explain fit, cushioning, and use cases, which matters in premium footwear because fit can make or break the sale. In 2024, Company Name posted CHF 2.32 billion in net sales, up 29.4%, showing how in-store guidance supports conversion in a higher-price category.
Community engagement
On Holding AG uses running communities and sport events to turn customers into members of the brand, not just buyers. This matters at scale: On reported CHF 2.32 billion in net sales in 2024, and these local touchpoints help deepen loyalty, drive repeat participation, and turn engaged runners into vocal advocates.
Athlete credibility
Elite athletes turn On Holding AG’s performance claims into visible proof, and that matters most in running and training, where customers buy for speed, fit, and durability. In Q1 2025, net sales rose 43.4% to CHF 726.6 million, showing how athlete-led trust can scale into demand.
- Athletes validate product claims.
- Visibility proves innovation.
- Running and training need it most.
Customer support
On Holding AG’s customer support must handle inquiries, exchanges, and returns across DTC and wholesale channels, because service quality shapes the premium experience in both. In FY2024, net sales rose to CHF 2.32 billion and DTC made up 40.6% of sales, so fast, consistent support directly protects revenue and brand trust.
- Fast support reduces return friction
- Consistent service lifts premium perception
- Strong handling protects DTC and wholesale
Customer Trust Fuels 43% Q1 Sales Surge
Company Name builds customer relationships through its DTC site, brand stores, retail partners, athlete proof, and running communities. In Q1 2025, net sales rose 43.4% to CHF 726.6 million, showing how direct service and trust tools convert into demand. Fast support, fit advice, and easy returns protect its premium feel.
| Metric | Value |
|---|---|
| Q1 2025 net sales | CHF 726.6 million |
| Q1 2025 sales growth | 43.4% |
Channels
E commerce site
On Holding AG's e-commerce site is a core direct-to-consumer channel, giving customers direct access to products and brand content. In FY2024, On reported CHF 2.32 billion in net sales, and its direct channel helped capture customer data, browsing behavior, and demand signals that support product and inventory planning.
Brand stores
On Holding AG uses brand stores to show the full product line, let customers test gear, and get guided service that supports premium pricing and direct ties. The channel also fits its 2024 direct-to-consumer mix, with net sales of CHF 2.32 billion and continued store-led brand building.
Independent retailers
Independent retailers are key wholesale partners for ON Holding AG, giving the brand shelf space in specialty and athletic stores where many customers still prefer to buy in person. In FY2024, wholesale accounted for 59.4% of net sales, so these stores still play a big role in physical reach and brand visibility in top cities and regions.
Distributors
Distributors extend On Holding AG into markets where it has limited direct presence, handling import steps and local sales execution. In 2025, wholesale and distributor-led channels still carried most reach, with On generating CHF 2.32 billion in net sales and about 59% from wholesale, helping scale across more than 80 countries.
- Local market access
- Import and customs handling
- Sales reach in weaker direct markets
Digital marketing
Digital marketing is a core channel for On Holding AG, because social media, search, and athlete-led content push awareness and traffic fast. In 2025, On Holding AG reported CHF 2.32 billion in net sales, and its direct-to-consumer model helps turn launch stories and performance content into demand across running and lifestyle buyers.
- Social media lifts reach and traffic
- Content supports launches and athletes
- Digital scales to running and lifestyle
On’s Growth Runs Through Wholesale and Direct Channels
On Holding AG’s channels mix direct e-commerce, brand stores, wholesale, and distributors to cover both premium storytelling and broad market access. In FY2024, net sales were CHF 2.32 billion, and wholesale made up 59.4% of sales, showing stores and partners still do most of the reach.
| Channel | FY2024 data |
|---|---|
| E-commerce | Direct data and sales |
| Wholesale | 59.4% of net sales |
| Total net sales | CHF 2.32 billion |
Customer Segments
Runners
Core runners are On Holding AG’s key performance buyers: they want cushioning, fit, and speed-led design, and they give direct feedback that shapes product innovation. This group matters for demand, and On Holding AG’s net sales reached CHF 2.32 billion in 2024, showing how running still drives the brand’s scale.
Fitness consumers
Fitness consumers are training and gym-focused buyers who want versatile shoes and apparel for daily workouts, classes, and active routines. This segment matters because it widens demand beyond running; On Holding AG reported CHF 2.32 billion in net sales in FY2024, and serving everyday fitness use helps deepen repeat purchases and basket size.
Athleisure buyers
Athleisure buyers choose On Holding AG for sport and daily wear, drawn to premium design and clean branding; that crossover appeal helps lift demand across footwear and apparel. In FY2024, On Holding AG reported CHF 2.32 billion in net sales, up 29.4%, showing how this style-led segment can scale fast.
Elite athletes
Elite athletes give On Holding AG instant credibility: they race and train in its performance shoes, then feed back on fit, grip, and speed. In 2024, On Holding AG reported CHF 2.32 billion in net sales, up 29.4%, showing how pro visibility supports demand and product innovation.
- Boosts brand trust
- Tests products in competition
- Shapes faster innovation
Wholesale partners
Wholesale partners, mainly retailers and distributors, are ON Holding AG’s business customers in the model: they buy inventory in bulk and help push products into local markets. In FY2025, this channel matters because ON generated CHF 2.3bn net sales in 2024, and partner success depends on sharp assortments, high fill rates, and strong sell-through.
- Bulk buyers move inventory fast.
- Local reach drives market access.
- Assortment quality lifts sell-through.
On’s Customer Mix: From Core Runners to Global Scale
On Holding AG’s customer segments center on performance runners, fitness users, athleisure buyers, elite athletes, and wholesale partners. In FY2025, net sales reached about CHF 3.0 billion, so these groups now span both direct demand and broad retail reach.
Runners and elite athletes shape product testing and credibility, while fitness and athleisure buyers widen repeat use beyond race day. Wholesale partners then scale access in local markets, which helps convert brand heat into volume.
| Segment | Role |
|---|---|
| Core runners | Performance demand |
| Fitness and athleisure | Repeat lifestyle use |
| Elite athletes | Credibility and testing |
| Wholesale partners | Market access and scale |
Cost Structure
Materials and production
ON Holding AG’s biggest costs are materials, manufacturing, and assembly, and footwear still depends heavily on external suppliers. In FY2025, gross margin stayed around 60%, so quality control, sourcing, and scale discipline directly shaped profit.
Research and development
On Holding AG keeps spending on design, engineering, testing, and innovation to lift product performance and protect brand differentiation. In FY2024, net sales rose to CHF 2.32 billion, showing how R and D-backed product refreshes help support growth and premium pricing.
Marketing and sponsorship
ON Holding AG spends heavily on brand building and athlete deals; in 2024, net sales rose 29.2% to CHF 2.32 billion, showing how campaigns and sponsorships help drive demand. This cost line supports premium pricing, with the company using events and top athlete partnerships to keep awareness high.
Logistics and fulfillment
On Holding AG’s logistics and fulfillment costs come from warehousing, shipping, and order processing, and they scale fast as direct-to-consumer sales expand. In 2024, net sales reached CHF 2.32 billion, so faster delivery and tighter inventory control are now core cost drivers, not back-office tasks.
Global distribution raises freight, storage, and labor costs, but better logistics protects service speed and inventory accuracy, which support DTC growth and repeat orders.
- Warehousing adds fixed cost
- Shipping rises with DTC mix
- Fulfillment speed drives loyalty
- Inventory accuracy cuts stockouts
Retail and digital operations
Retail and digital operations stay cost-heavy for On Holding AG because brand stores, e-commerce systems, and customer service need constant spend on tech, staff, rent, and upkeep. That base helps On Holding AG keep a direct link to consumers and support its DTC mix, which reached 54.8% of net sales in 2024.
- Stores need rent and staffing
- E-commerce needs tech and support
- Service costs protect DTC demand
ON Holding’s Cost Levers: Supply, Brand, and DTC Power Growth
ON Holding AG’s cost structure is led by product sourcing, manufacturing, and logistics, with external suppliers still central to footwear production. FY2025 gross margin near 60% shows that supplier terms, quality control, and freight discipline remain the main profit levers.
Brand building, athlete deals, design, engineering, and DTC operations also take meaningful spend; in 2024, net sales reached CHF 2.32 billion and DTC accounted for 54.8% of sales, so marketing and digital fulfillment costs scale with growth.
| Cost driver | Latest data |
|---|---|
| Gross margin | ~60% in FY2025 |
| Net sales | CHF 2.32 billion in 2024 |
| DTC mix | 54.8% of net sales in 2024 |
Revenue Streams
Footwear sales
Footwear is On Holding AG’s main revenue driver, covering running, training, and lifestyle shoes. The category’s premium pricing and strong demand helped support CHF 2.32 billion in net sales in FY2024, and footwear still anchors growth into 2025 as the brand expands direct-to-consumer and wholesale reach.
Apparel sales
Apparel sales add a second revenue layer beyond On Holding AG’s core footwear business, which helps lift basket size when active customers buy tops, shorts, and layering pieces with shoes. They also strengthen the head-to-toe brand story, which matters because On Holding AG reported CHF 2.08 billion in net sales for FY2024, and apparel gives it more room to sell into that base.
Accessories sales
Accessories sales add small but useful incremental revenue for On Holding AG through socks, bags, and related sport items, helping drive attachment sales and a more complete brand offer. In FY2024, On Holding AG reported net sales of CHF 2.32 billion, showing the scale these add-on items can support even when they are not the core revenue engine.
DTC e commerce
On Holding AG’s DTC e commerce channel sells straight to consumers online, so the Company keeps full control over pricing, product storytelling, and data capture. In 2024, net sales reached CHF 2.32 billion, and the DTC mix helped support higher margins than many wholesale orders because there is no retail middleman.
- Direct sales protect pricing control
- Often deliver better margins
- Capture full customer transaction data
Wholesale sales
Wholesale sales are On Holding AG’s biggest reach engine: retail partners and distributors put products in more doors and drive volume, visibility, and market entry. In FY2024, On Holding AG reported CHF 2.32 billion in net sales, with wholesale still a core channel for scale and geographic expansion.
- Drives large-scale revenue
- Expands store and market coverage
- Builds brand visibility
- Supports geographic growth
ON Holding’s Growth Engine: Premium Footwear, DTC, and Wholesale Scale
On Holding AG earns most revenue from premium footwear, while apparel and accessories add higher-basket sales and broaden the brand. DTC and wholesale are the two main channels, with DTC improving control and margin, and wholesale driving scale and reach.
| Stream | FY2024 |
|---|---|
| Net sales | CHF 2.32 billion |
| Footwear | Main driver |
| DTC and wholesale | Core channels |
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