ONON APAC Nears 20% of Sales, Signals a New Growth Phase

Core Insights - The Asia-Pacific (APAC) region is the primary driver for On Holding AG's global expansion, achieving a remarkable 109.2% growth in constant currency during Q3 2025, with net sales reaching CHF 144.9 million, a 94.2% year-over-year increase [1][2] Sales Performance - APAC accounted for 18.2% of total net sales in Q3 2025, up from 11.7% in the same period last year [2][7] - For the nine-month period ending September 30, 2025, APAC net sales rose to CHF 384.6 million, reflecting a 106.6% increase year-over-year [2][3] Growth Trajectory - APAC is on track to contribute 20% of total sales, driven by strong performance in China and Japan, as well as growth in South Korea and Southeast Asia [3][4] Strategic Developments - The opening of a flagship store in Tokyo's Ginza district and notable athletic achievements have enhanced brand visibility in the region, indicating that APAC is a crucial part of On's long-term strategy [4][7] Competitive Landscape - On Holding's shares have increased by 17% over the past month, compared to a 19.9% rise in the industry, while competitors Deckers and Wolverine saw increases of 23.4% and 27.7%, respectively [5] Valuation Metrics - On Holding trades at a forward price-to-earnings (P/E) ratio of 28.61, which is higher than the industry average of 18.23, indicating a premium valuation compared to Deckers and Dollar General [8] Financial Estimates - The Zacks Consensus Estimate for On Holding's current financial-year sales suggests a year-over-year growth of 41.2%, while earnings per share are expected to decline by 12.7% [9][10]