Core Insights - The article emphasizes the unique culture of On, a Swiss running brand, which values every athlete, from elite champions to grassroots runners, equally, fostering a community spirit that drives product innovation and brand loyalty [3][4]. Group 1: Athlete-Centric Strategy - On's strategy involves treating athletes as integral to product innovation, viewing them as "super laboratories" that provide essential feedback for product development [5][7]. - The company supports athletes comprehensively, offering resources for recovery, mental health, and long-term development, rather than merely treating them as tools for winning [5][6]. - On has established the On Athletics Club (OAC) to foster a community among athletes, providing a platform for sharing experiences and insights that benefit both elite and emerging runners [6][8]. Group 2: Market Performance - On has experienced rapid growth in the Asia-Pacific region, with net sales in this market increasing by 109.2% year-on-year in Q3 of the 2025 fiscal year, accounting for nearly one-fifth of global sales [14]. - The company's gross margin reached 65.7% in the same period, indicating strong financial health and operational efficiency [14]. - On plans to expand its direct-to-consumer (DTC) model in China, focusing on opening more flagship stores and enhancing online channels to improve customer engagement and brand recognition [18][19]. Group 3: Future Outlook - On aims to open 100 stores by 2026, with a focus on increasing the proportion of larger retail spaces, particularly in the apparel category, which is seen as a significant growth opportunity [19]. - The company is committed to maintaining a competitive edge by continuously innovating and adapting to market trends, while also emphasizing the importance of storytelling in brand communication [18][19]. - On's founder encourages aspiring athletes to pursue their dreams passionately, reflecting the brand's ethos of resilience and ambition in a competitive landscape [20].