On HoldingONON

is putting Switzerland on the map for more than just banks, chocolate, and Rolexes. The footwear and apparel brand delivered a 43% jump in revenue in Q1, smashing expectations as competitors like NikeNKE

and Under ArmourUA

lagged. With upgraded full-year guidance,ONON

is shaping up to be a surprise standout in the premium sportswear arena — and geography might be its secret edge.

The Swiss sprint: On Holding’s Q1 2025 momentum was powered by rapid gains in its direct-to-consumer (DTC) segment, which outperformed wholesale and lifted overall margins. Strong global demand across footwear — including launches like the Cloudsurfer 2 and Cloud 6 — kept sales soaring. High-profile campaigns featuring Zendaya also boosted brand visibility, fueling growth across categories and regions.

• While footwear remains the cornerstone, apparel purchases spiked 93.1% to its highest quarterly figure ever, while accessories also saw sharp gains, up 99.2%.
• The most explosive uptick in sales came from Asia-Pacific, where transactions skyrocketed 130.1%, followed by strong results in the Americas (32.7%) and EMEA (33.6%).

Outrunning the competition

While tariff tension has footwear companies scrambling, retreating from forecasts, On confidently projected 28% growth despite headwinds that prompted a slight adjustment in its EBITDA margin guidance. With the global sporting goods market set to reach $173B this year, according to McKinsey & Company, challenger brands like On are on track to outpace long-established rivals.

• Over the past year,ONON
  has climbed 61%, while traditional giants likeUA
  andNKE
  saw shares drop 10% and 33%, respectively.
• While On Holding weathered tariff uncertainty with relative ease, Nike and Under Armour struggled with margin pressure as levies on Vietnamese and Indonesian imports squeezed their supply chains.

Stepping into the future: Despite economic uncertainty, analysts remain confident in On Holding’s trajectory. Bernstein reaffirmed its Outperform rating and $70 target, citing strong Q1 results, a still-low US market share, and a premium customer base as buffers against a slowdown. Similarly, Bank of America raised its target to $75, projecting 35% organic growth — well above the company’s own forecast. With Martin Hoffmann set to become sole CEO on July 1, On Holding looks primed to extend its lead lap in the global footwear race.