On Holding has become a multi-billion-franc performance footwear and apparel brand, with strong gross profit and operating profit, but the investment case still turns on whether premium demand, wholesale control, inventory discipline and global expansion can compound together.
On Holding: the premium running brand that now has to outrun inventory risk
NYSEONONCoverage BootstrapAthletic Footwear
Thesis summary
On Holding has become a multi-billion-franc performance footwear and apparel brand, with strong gross profit and operating profit, but the investment case still turns on whether premium demand, wholesale control, inventory discipline and global expansion can compound together.
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