On Holdings APAC Region Approaching Pivotal 20% Revenue Milestone

The Asia-Pacific territory has solidified its position as On Holding AG’s ONON most dynamic growth engine, marking a watershed moment for the athletic footwear manufacturer’s global portfolio rebalancing. With APAC now representing 16.9% of consolidated net sales through the first nine months of 2025 and trajectory pointing toward the 20% threshold, the region has transcended its status as an emerging market to become a structural revenue pillar.

The Acceleration Narrative

Quantitatively, the region’s momentum remains extraordinary. During the third quarter alone, APAC delivered its fourth successive period of triple-digit constant-currency expansion, expanding 109.2% year-over-year. This translated to CHF 144.9 million in reported net sales—a 94.2% increase—and elevated the region’s share of quarterly revenues to 18.2%, up sharply from 11.7% in the prior-year comparable. For the nine-month cumulative period ending September 30, 2025, APAC net sales reached CHF 384.6 million, representing 106.6% year-over-year growth against total global net sales of CHF 2,270.2 million.

This performance substantially outpaces the company’s other major geographies. The Americas region expanded 21% in constant-currency terms, while EMEA (Europe, Middle East and Africa) advanced 33%—both respectable, yet dwarfed by APAC’s expansion cadence.

Strategic Drivers Underpinning Regional Success

Management attributed the sustained momentum to concentrated strength across anchor markets. China and Japan continue to deliver outsized contributions, while South Korea and Southeast Asia demonstrate accelerating penetration. The brand’s retail footprint expansion—exemplified by the premium Ginza district flagship in Tokyo—positions On Holding to capitalize on affluent consumer segments. Additionally, high-profile athletic endorsements and performances at major sporting events have amplified regional brand recognition and cultural relevance.

Competitive Positioning and Market Valuation

On Holding operates within a competitive ecosystem that includes Deckers Outdoor Corporation DECK and Wolverine World Wide, Inc. WWW. From a valuation perspective, ONON trades at a forward price-to-earnings ratio of 28.61, exceeding the broader industry multiple of 18.23. The consensus estimate for current-fiscal-year sales growth projects 41.2% year-over-year expansion, though earnings-per-share guidance implies a 12.7% decline.

The APAC trajectory toward 20% sales concentration signals that On Holding has successfully implemented its diversification strategy, reducing reliance on mature geographies while establishing a truly global revenue foundation.