The sale signs are everywhere, but some brands are allergic to red tags. More companies are now treating discounts as bad for business, with Swiss sneaker maker OnONON

raising its full-year sales guidance for the third straight quarter while refusing to offer Black Friday deals. This comes as Adobe expects holiday discounts to shrink to ~28% this year, with online spending growth slowing to 5.3% year-over-year.

• CEO Martin Hoffmann said On’s focus on full-price sales and performance-driven design is resonating with consumers, setting it apart from slower peers like NikeNKE
  and Hoka.
• Co-founder Caspar Coppetti confirmed that On will hold “full price through the holiday season,” despite a discount-heavy market, mirroring strategies employed by Canada Goose and Aritzia.

Lessons from the discount graveyard: Nike learned the sting of deep discounts after its “risky” holiday markdown blitz drew backlash, while Under ArmourUA

saw profits shrink from clearing excess inventory. Both brands tried to boost short-term sales but ended up eroding margins and brand perception in the process. With tariffs rising and shoppers tightening budgets, the margin for error is getting thinner.