On Holding delivered its strongest set of quarterly results yet, reporting sales up 17.2% to $1.1 billion in the three months to September 30. The company also posted net income of $197.98 million, up 36.9%, alongside its highest gross margin at 72.6%—up from 65.7% a year earlier.
For On, the figures underline a broader strategy shift: football is moving from a side project to the core of its next growth phase. In September, the brand signed Real Madrid striker Mbappé as the public face of its new football category, with Thierry Henry appointed director.
Football becomes the centre of On’s next phase
On is best known for performance running shoes and premium lifestyle trainers, but it is now trying to build credibility in a crowded boots market dominated by long-established rivals with deep club and player relationships. On’s bet is that football’s global attention—and Mbappé’s star power—can accelerate brand recognition with the next generation of players and fans.
That approach comes with added complexity. China has been identified as an important growth market for premium sportswear, yet Mbappé’s public comments last month about a meme of Mao Zedong led to two Chinese sponsors dropping him. LaLiga was also briefly taken off Chinese state television, highlighting how quickly commercial partnerships can shift when public sentiment changes. On’s messaging is that momentum is still building across what it calls its three growth engines: performance running, lifestyle running and apparel. However, the company’s football plans will need to translate interest in a headline signing into repeat sales—through product, player endorsements and sustained visibility beyond the initial announcement.
On also confirmed that tennis player Ben Shelton will leave the company at the start of next year, reportedly to join New Balance. Shelton has been one of On’s most visible athletes in the United States, suggesting the brand is refining its focus as it ramps up football.
Alongside football, On says it plans to launch golf next year—an additional category aimed at broadening its audience beyond running. For now, football remains the bigger bet, and the success of that shift will be judged on whether On can compete on more than fame: product credibility, distribution, and maintaining sponsor confidence in key markets.
