On Unveils 2029 Strategy at Investor Day With Running, Sneakers and Apparel as Key Growth Pillars
Swiss sportswear company On Holding has unveiled its strategic roadmap through 2029 at its Investor Day in Zurich, outlining plans to expand its premium sportswear business while strengthening its position across running, sneakers and apparel.
The On Investor Day 2026 took place on September 22 at the company’s On Labs facility in Zurich. The company presented its new On Premium Playbook, which will guide its strategy through 2029 and includes continued investment in product innovation, athlete partnerships, direct-to-consumer experiences and operational efficiency.
While running remains central to the company’s identity, On’s latest strategy also includes expansion into new sports categories, particularly football and golf. Tennis remains part of On’s existing sportswear portfolio, but the company’s Investor Day announcement identified Run, Sneaker and Apparel as its immediate key growth pillars rather than setting out a separate 2029 tennis-market-share target.
On Presents Its 2026–2029 Strategic Roadmap
The Investor Day marks the end of On’s previous three-year strategic period and introduces its next phase of growth through 2029.
The company said its objective is to redefine what a sportswear brand can be for what it calls the “Movement Class,” a consumer group for whom sportswear increasingly represents identity as well as athletic performance.
At the center of the strategy is the On Premium Playbook, which brings together product innovation, athlete validation, premium consumer experiences, financial discipline and continued investment in innovation.
The company plans to use this framework across its existing categories while expanding into additional sports.
Running Remains a Core Growth Engine
Running continues to occupy a central position in On’s strategy.
The company previously described running as foundational to its global strategy at its 2026 Running Summit, where it introduced a refreshed “Run On Clouds” brand identity and outlined its pipeline of performance products and technologies.
At the Investor Day, On again identified Run as one of its three immediate key growth pillars alongside Sneaker and Apparel.
The company has also continued investing in technologies including CloudTec and LightSpray as it develops new performance footwear.
Sneakers and Apparel Get Greater Strategic Focus
On’s 2029 roadmap goes beyond performance running shoes.
The company identified Sneaker and Apparel alongside Run as the three categories expected to provide an outsized contribution to growth through 2029.
The strategy reflects On’s efforts to extend its presence from specialized athletic footwear into a broader premium sportswear ecosystem.
The company says its growing consumer base increasingly connects movement with lifestyle, fashion and identity, creating opportunities to expand beyond traditional performance products.
On Continues Its Tennis Business
Tennis remains an important part of On’s broader sportswear portfolio.
The company has developed its tennis business through products and athlete relationships, including its long-standing collaboration with tennis champion Roger Federer.
On’s official company profile states that its products cover high-performance running, outdoor, training, all-day activities and tennis.
However, the latest Investor Day announcement does not establish a separate numerical target for US tennis market share through 2029. Instead, the company’s disclosed growth framework places Run, Sneaker and Apparel at the center, with Football and Golf identified as new sports categories.
Football Becomes a New Growth Category
One of the most significant additions to On’s strategy is its entry into football.
The company recently signed French football star Kylian Mbappé, who joined On after a long-term relationship with Nike. On plans to launch its first football boots in 2027.
Former French international Thierry Henry has also joined the company as director of football, adding football-specific expertise to the new business.
The move gives On another sports category through which it can build global brand awareness and introduce new performance products.
Golf Also Joins the Expansion Plan
On also identified golf as another new sports category within its 2029 strategy.
The company’s Investor Day materials specifically highlight Football and Golf as areas of future category expansion.
This represents a broader approach to sportswear, with On seeking to apply its product-development capabilities to additional athletic activities while maintaining its premium positioning.
The On Premium Playbook
The company’s new strategy is organized around five reinforcing steps.
The first is creating innovative products, supported by research and development at On Labs in Zurich.
The second is validating products through athletes and talent, using elite athletes and high-level competition to establish product credibility.
The third is delivering premium experiences through On’s direct-to-consumer stores, digital channels and selected wholesale partners.
The fourth is capturing high-quality earnings, with the company emphasizing full-price selling and disciplined execution.
The fifth is investing in a culture of innovation and excellence, allowing financial performance to support continued investment in people, technology and research.
On Sets 2029 Financial Targets
Alongside its strategic roadmap, On introduced specific financial ambitions for the 2026–2029 period.
The company is targeting high-teens constant-currency net sales growth, with annual net sales reaching at least CHF 5.6 billion in 2029, equivalent to approaching $7 billion at current exchange rates.
On also aims to maintain a gross profit margin of at least 65% throughout the period.
Its adjusted EBITDA margin target is at least 22% by 2029, while the company expects adjusted EBITDA to grow at a compound annual rate of more than 20% between 2026 and 2029.
These figures represent management targets rather than guaranteed future results.
On Authorizes $1 Billion Share Repurchase
The Investor Day also included a new capital-allocation announcement.
On’s board authorized the company’s first share repurchase program, allowing it to buy back up to $1 billion of Class A ordinary shares through the end of December 2029.
The company said the authorization reflects its cash-generation expectations under the Premium Playbook.
The announcement adds capital returns to the company’s broader strategy of balancing growth investment with shareholder returns.
On Maintains Its 2026 Outlook
Despite introducing a longer-term strategy, On also reaffirmed its expectations for 2026.
The company continues to forecast low-20% constant-currency net sales growth for the full year.
It expects a gross profit margin of at least 65% and an adjusted EBITDA margin between 19.5% and 20%.
For the third quarter of 2026, On expects constant-currency net sales growth of approximately 17%, according to its Investor Day announcement.
US Market Remains Important as On Expands
The United States remains an important market for On as the company attempts to scale its premium sportswear business.
Reuters reported that On is pursuing additional growth while facing slower growth in the Americas, making its broader category expansion and product strategy particularly relevant to its plans for the coming years.
The company’s strategy therefore combines continued investment in its established running business with expansion into sneakers, apparel and additional sports.
This approach allows On to seek growth from multiple product categories rather than relying exclusively on running footwear.
Innovation Remains Central to the Strategy
Technology is another major component of On’s plans.
The company has been expanding its use of LightSpray, a manufacturing technology designed to create lightweight footwear through a more automated production process.
On has said LightSpray is moving from elite-athlete validation toward broader commercial applications and will be introduced across additional core product franchises.
The technology is also expected to play a role in new categories as On develops products for sports beyond running.
On’s Brand Strategy Moves Beyond Running
The Investor Day strategy represents a broader evolution in how On defines itself.
The company began with a strong focus on running but has expanded into tennis, outdoor, training, lifestyle products and apparel.
The new 2029 roadmap takes that diversification further through football and golf while maintaining Run as one of its principal growth pillars.
On’s management describes this approach as an effort to build a premium global sportswear brand rather than remaining narrowly identified with running shoes.
What Happens Next?
On will now begin executing its 2026–2029 strategy through continued product launches, retail expansion, direct-to-consumer investments and new sports categories.
Running, sneakers and apparel are expected to remain the company’s immediate growth pillars, while football and golf represent new areas of expansion.
The company will also continue developing its athlete partnerships, innovation pipeline and premium retail experiences.
Its newly announced financial targets provide a framework for measuring progress through 2029.
Looking Ahead
The On Investor Day 2026 has provided a detailed roadmap for the Swiss sportswear company’s next phase of expansion.
Running remains at the center of the business, but On is seeking to broaden its addressable market through sneakers, apparel, football and golf while continuing to develop its tennis business.
The company is targeting at least CHF 5.6 billion in annual net sales by 2029, a gross margin of at least 65% and an adjusted EBITDA margin of at least 22%.
With its Premium Playbook, new sports categories and continued investment in innovation, On’s strategy through 2029 is centered on expanding its premium sportswear platform while maintaining the performance-led identity that built the brand.
Frequently Asked Questions
1. What did On announce at its 2026 Investor Day?
On unveiled its strategy for the 2026–2029 period, including its Premium Playbook, financial targets and plans to expand into additional sports categories.
2. When was the On Investor Day held?
On’s 2026 Investor Day was held on September 22, 2026, at On Labs in Zurich, Switzerland.
3. What are On’s main growth pillars through 2029?
On identified Run, Sneaker and Apparel as its immediate key growth pillars for the period through 2029.
4. Is tennis part of On’s sportswear business?
Yes. On’s portfolio includes tennis products alongside running, outdoor, training and lifestyle categories.
5. Is On targeting US tennis market share by 2029?
The company’s September 22 Investor Day announcement does not specify a separate numerical US tennis market-share target for 2029. Its disclosed growth framework instead emphasizes Run, Sneaker and Apparel, with Football and Golf as new sports categories.
6. Which new sports is On entering?
On identified Football and Golf as new sports categories in its 2026–2029 strategy.
7. What are On’s 2029 sales targets?
On is targeting at least CHF 5.6 billion in net sales by 2029, supported by high-teens constant-currency growth.
8. What is On’s 2029 EBITDA margin target?
The company aims to reach an adjusted EBITDA margin of at least 22% by 2029.
9. Did On announce a share buyback?
Yes. On’s board authorized a share repurchase program of up to $1 billion through December 2029.
10. What is On’s Premium Playbook?
The Premium Playbook is On’s strategic framework built around product innovation, athlete validation, premium consumer experiences, high-quality earnings and continued investment in innovation and talent.
