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Days after signing Mbappé, On eyes golf, share buyback and $7 billion sales target

At its investor day on Tuesday, the Swiss sportswear brand laid out its ambitious long-term plans for 2029.
Days after signing Mbappé, On eyes golf, share buyback and $7 billion sales target
At its investor day in Zurich, On revealed that it will expand into golf and has set an agressive $7 billion sales target for 2029. (Photo courtesy of On)
  • On is targeting nearly $7 billion in revenue by 2029 and is pushing for 65 percent gross margin from 2026.
  • The company said it would expand into golf, leveraging performance running and apparel to drive category growth.
  • A share buyback program was also revealed to repurchase $1 billion worth of Class A Ordinary shares.

On is intent on pushing its expansion across the sports landscape and at the company’s investor outing in Zurich on Tuesday, the brand unveiled its pivot into golf, a share buyback program and aggressive sales target of nearly $7 billion by 2029.

The moves come days after the Swiss sportswear maker shocked the soccer world by announcing that it had signed superstar Kylian Mbappé to lead its foray into the sport and the Investor Day showcase introduced the brand’s strategy of steady growth over the next three years.

In its “Premium Playbook,” On said it will meet its goals by creating innovative products, utilize its roster of athletes to validate the quality of its apparel, deliver premium experiences, secure high-quality earnings quarterly and invest in a “culture of innovation and excellence.”

“Almost seventeen years ago, On started from a radical idea. We asked whether running could feel fundamentally different, and whether elite performance could merge with elevated contemporary design,” On founder and co-CEO David Allemann said. “Today, we are setting out to redefine what a sportswear brand can be, building at a scale we could not have imagined back then. With the On Premium Playbook, we are setting out to connect the innovation from our On Labs in Zurich to a growing population of global fans for whom movement is no longer utility, but identity, and who carry that into how they dress, where they shop and who they follow.”

Meanwhile, for the 2026–2029 period, On was clear about its financial roadmap and projects high-teens percentage constant growth in sales with a target of $7 billion and a bold outlook of an industry-leading gross profit margin of 65 percent the entire three years.

Based on the company’s strong balance sheet and cash generated through its consistent growth, On has authorized a share buyback program to repurchase $1 billion worth of Class A Ordinary shares through the end of December 2029.

On also revealed the appointment of Laura Miele as its newly created lead independent director role of its board effective on Monday. Miele is the president of Enterprise Development at Electronic Arts and heads up the brand’s growth outside of its core products.

For the remainder of the year, On will remain steady on its outlook for 2026 with net sales growth in the low-20 percent range, a gross profit margin of at least 65 percent and adjusted EBITDA margin between of 19.5 percent to 20 percent.

“We are on track to significantly overachieve our targets given at the last Investor Day in 2023,” Caspar Coppetti, founder and co-CEO of On said. “For the period through 2029, we are committing to premium as our northstar, staying focused on the long term, and executing on each turn of the On Premium Playbook. It is simple in principle, demanding in practice, and powerful because it compounds: Top-line expansion and margin expansion are not in conflict at On; they are complementary outputs of our Premium Playbook.”

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