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On Holding AG (NYSE:ONON) sprinted nearly 20% higher today after a blowout third quarter that showed the Swiss sneaker maker isn't just keeping pace with Nike Inc (NYSE:NKE) and Adidas AG (OTCPK:ADDYY) — it's outrunning them.
The company's Asia-Pacific business grew 85% year-to-date, now contributing more than 10% of global sales, led by record results in China and Japan. Even more striking, On hit an all-time China single-day sales record during the Double 11 event — without discounting.
In a market known for heavy promotions, that's rare. Co-founder & executive co-chairman, Caspar Coppetti put it bluntly during the company’s third quarter earnings call: "We achieved this despite remaining committed to a full price strategy — a testament to On's exceptional brand strength."
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If China is the growth story, margins are the shock. On hit a 60.1% gross profit margin year-to-date, raising its full-year outlook to around 60.5%, up 50 basis points from prior guidance. That's well above peers — even Lululemon Athletica Inc's (NASDAQ:LULU) vaunted levels.
CFO Martin Hoffmann said the strength came from D2C momentum, premium pricing, and a "balanced inventory position." Investors heard that as code for pricing power — and scalability.
Direct-to-consumer sales surged 50%, as On's 50 owned stores — its largest footprint yet — helped fuel record holiday momentum. Apparel sales hit their best month ever in October, while the upcoming Cloud 6 line will lift prices by another $10 per pair.
But what really caught Wall Street's eye was LightSpray, a next-gen manufacturing technology that fuses shoe parts in a single automated step. Coppetti teased its potential to "disrupt how footwear is made" and to nearshore production "at comparable cost anywhere in the world."
Zendaya and Roger Federer — two halves of the brand's cultural DNA — continue to drive awareness among both fashion and performance consumers. The result: On's brand recognition jumped even in saturated markets like Switzerland, up 30 percentage points.
With gross margins expanding, Asia exploding, and innovation running ahead of schedule, On looks less like a niche running brand — and more like the next global sportswear giant in the making.
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Photo: Ivan Kurmyshov on Shutterstock.com
