Founded in 2010, On Holding AG transformed from a Swiss niche startup into a global premium sportswear powerhouse with more than 90 markets served. In 2025, the company reported CHF 3.014 billion in net sales, up 30% year-over-year driven by strong wholesale and direct-to-consumer (DTC) channel growth. Key growth catalysts included technological innovation such as LightSpray and CloudTec, expansion of retail footprint, especially in emerging Asia-Pacific markets, and diversification into apparel and accessories. Despite strong capital investment fueling store openings and R&D, liquidity remains robust with a current ratio of 2.71. Supply chain dependencies in Asia and foreign exchange volatility pose operational risks to watch.