Swiss sportswear brand On expands into football and golf

Swiss sportswear brand On is moving beyond its running roots, unveiling plans to enter golf while accelerating its push into football, as the company seeks to transform itself into a global premium sportswear player alongside industry giants Nike, Adidas and Lululemon.

The Swiss brand, best known for its performance running shoes, on Tuesday outlined its next growth chapter at its 2026 Investor Day in Zurich, introducing a strategy to "redefine what a sportswear brand can be" and expanding into new sports categories including football and golf.

The announcement comes shortly after On revealed its entry into football through a partnership with French football star Kylian Mbappe. The move marked On’s most significant step yet into a category long dominated by Nike and Adidas. Its latest golf expansion signals that the company intends to build a broader multi-sport ecosystem rather than remain a specialist running brand.

On said its immediate growth pillars through 2029 will be running, sneakers and apparel, with football and golf expected to provide additional growth opportunities. The company aims to reach at least CHF 5.6 billion ($7 billion) in net sales by 2029, representing a high-teens compound annual growth rate at constant currency.

The company also set ambitious profitability targets, aiming to maintain a gross profit margin of at least 65 percent and achieve an adjusted EBITDA margin of more than 22 percent by 2029. It expects adjusted EBITDA to grow at a compound annual rate of more than 20 percent between 2026 and 2029.

On also announced its first share buyback program, with the board authorizing the repurchase of up to $1 billion of Class A ordinary shares through the end of 2029.

Its new strategy targets what it calls the “Movement Class” — a generation for whom sportswear represents identity.

The expansion comes as global sportswear companies are increasingly looking beyond traditional athletic categories for growth. For On, the challenge will be translating its success in running into new categories without weakening the exclusivity and innovation-driven image that helped fuel its rise.

The company said it is on track to significantly exceed the financial targets introduced at its 2023 Investor Day and reiterated its outlook for full-year 2026.