Sur Holding Ag (Onon): Analyse Pestle [Jan-2025 MISE À JOUR]

Dans le monde dynamique des chaussures sportives, la tenue d'Ag apparaît comme une puissance de l'innovation suisse, naviguant stratégiquement des paysages mondiaux complexes grâce à sa technologie de performance de pointe et à son approche axée sur la durabilité. De son amorti Cloudtec révolutionnaire à son engagement envers la responsabilité de l'environnement, la société représente une intersection fascinante de l'innovation technologique, de la stratégie de marché et des défis commerciaux mondiaux. Cette analyse complète du pilon dévoile les facteurs externes à multiples facettes qui façonnent le parcours remarquable de l'AG dans l'industrie compétitive des vêtements de sport, offrant un aperçu de la façon dont cette organisation avant-gardiste s'adapte et prospère dans un marché mondial en constante évolution.

Sur la tenue AG (Onon) - Analyse du pilon: facteurs politiques

Environnement réglementaire suisse

L'indice de stabilité politique en Suisse en 2023 était de 1,62 (Banque mondiale). On Holding Ag opère en vertu du droit des sociétés suisses, qui se classe au 5e rang mondial en transparence réglementaire.

Indicateur politique	Classement Suisse	Valeur
Indice de stabilité politique	Rang mondial	8/180 pays
Qualité réglementaire	Rang mondial	5/180 pays
Indice de perception de la corruption	Rang mondial	3/180 pays

Tensions commerciales et implications de la chaîne d'approvisionnement

Le volume commercial total de la Suisse en 2023 était de 468,3 milliards de CHF, avec des risques géopolitiques potentiels ayant un impact sur la dynamique du commerce international.

• US-Switzerland Bilateral Trade Valeur: 39,2 milliards de dollars en 2023
• ACCORDS TÉCATIONS DE L'UE-SWITZERLANE: 120 accords bilatéraux
• Impact du tarif potentiel: 3-7% sur la fabrication de vêtements de sport

Règlement sur la gouvernance d'entreprise

Le code de gouvernance d'entreprise suisse exige des normes de conformité strictes. En tenue agir doit adhérer à Code suisse des meilleures pratiques règlements.

Métrique de la gouvernance	Exigence de conformité
Indépendance du conseil d'administration	Affecteurs indépendants minimum de 50%
Rapports de transparence	Divulgations financières trimestrielles
Rapports ESG	Rapports obligatoires de durabilité

Soutenir la technologie et la fabrication

Investissement gouvernemental suisse dans la fabrication innovante: CHF 1,2 milliard en 2023 pour les secteurs de la technologie et des vêtements de sport.

• Incitations fiscales de la R&D: jusqu'à 15% de réduction de l'impôt sur les sociétés
• Concessions d'innovation: CHF 250 millions d'allocations aux startups technologiques
• Financement de l'innovation manufacturière: CHF 450 millions en 2023

Sur la tenue AG (Onon) - Analyse du pilon: facteurs économiques

Croissance mondiale du marché des chaussures sportives et de performance

Le marché mondial des chaussures sportives était évalué à 87,4 milliards de dollars en 2022 et devrait atteindre 124,5 milliards de dollars d'ici 2027, avec un TCAC de 7,3%.

Segment de marché	Valeur 2022	2027 Valeur projetée	TCAC
Chaussures sportives mondiales	87,4 milliards de dollars	124,5 milliards de dollars	7.3%

Impact de l'inflation sur les dépenses de consommation

Le taux d'inflation américain en 2023 était de 3,4%, affectant potentiellement les dépenses discrétionnaires des consommateurs en chaussures athlétiques haut de gamme.

Indicateur économique	Valeur 2023
Taux d'inflation américain	3.4%
Indice des prix à la consommation (CPI)	296.808

Segment de chaussures athlétiques premium

Sur la tenue des revenus d'Ag en 2022 était de 684,1 millions de dollars, avec 67% de croissance du segment des chaussures.

Métrique financière	Valeur 2022
Revenus totaux	684,1 millions de dollars
Croissance du segment des chaussures	67%

Fluctuations de la monnaie

Le taux de change entre Swiss Franc (CHF) et USD en 2023 était en moyenne de 0,8781, avec la volatilité ayant un impact sur les opérations du marché international.

Paire de devises	2023 Taux moyen	Index de volatilité
CHF / USD	0.8781	5.2%
CHF / EUR	0.9456	4.7%

Sur Holding Ag (Onon) - Analyse du pilon: facteurs sociaux

Tendance croissante des consommateurs vers des vêtements de sport durables et axés sur les performances

La taille mondiale du marché des vêtements de sport durable a atteint 231,3 milliards de dollars en 2023, avec une croissance projetée à 376,8 milliards de dollars d'ici 2028, représentant un TCAC de 10,2%.

Segment de marché	Valeur 2023	2028 Valeur projetée	TCAC
Vêtements de sport durables	231,3 milliards de dollars	376,8 milliards de dollars	10.2%

Augmentation de la conscience de la santé et du bien-être qui entraîne une demande de chaussures athlétiques

Le marché mondial des chaussures sportives d'une valeur de 246,7 milliards de dollars en 2022, devrait atteindre 347,3 milliards de dollars d'ici 2030, avec un TCAC de 4,3%.

Segment de marché	Valeur 2022	2030 valeur projetée	TCAC
Chaussures athlétiques	246,7 milliards de dollars	347,3 milliards de dollars	4.3%

Millennial et Gen Z Préférence pour les vêtements de sport innovants et technologiquement avancés

Taux d'adoption de la technologie dans les vêtements de sport:

• Préférence d'intégration de la technologie du millénaire: 78%
• Gén Z Motivation d'achat axée sur la technologie: 82%
• Le marché des textiles intelligents devrait atteindre 85,4 milliards de dollars d'ici 2025

Importance croissante de l'authenticité de la marque et de la responsabilité sociale

Perception des consommateurs de la responsabilité sociale de la marque:

Groupe d'âge	Importance de l'authenticité de la marque	Impact de la responsabilité sociale
Milléniaux	73%	Susceptible de changer de marques
Gen Z	83%	Très influencé par les valeurs de la marque

Sur la tenue AG (Onon) - Analyse du pilon: facteurs technologiques

Technologie d'amorti cloudtec propriétaire comme différenciation des produits clés

Sur Holding Ag a développé la technologie Cloudtec en 2010, avec 16 Éléments de nuage individuels par chaussure fournissant un amorti adaptatif. Les investissements en R&D ont totalisé 32,4 millions de dollars en 2023 spécifiquement pour l'amélioration de la technologie.

Métrique technologique	Performance de 2023
Applications de brevet Cloudtec	7 nouveaux brevets mondiaux
Dépenses de R&D technologiques	32,4 millions de dollars
Itérations du matériau cloudtec	3 nouvelles compositions de matériaux

Investissement continu dans la recherche et le développement pour les conceptions de chaussures innovantes

Sur la maintenance AG allouée 14,2% des revenus annuels à la recherche et au développement en 2023, totalisant 87,6 millions de dollars.

Catégorie d'investissement de R&D	2023 dépenses
Investissement total de R&D	87,6 millions de dollars
Innovation de conception de produits	41,3 millions de dollars
Recherche en science du matériel	22,5 millions de dollars

Transformation numérique des plateformes de vente au détail et de commerce électronique

Ventes numériques représentées 38,6% des revenus totaux en 2023, avec 213,4 millions de dollars généré via des canaux en ligne.

Métrique de la plate-forme numérique	Performance de 2023
Revenus de commerce électronique	213,4 millions de dollars
Téléchargements d'applications mobiles	1,2 million
Taux de conversion en ligne	4.7%

Techniques de fabrication avancées améliorant les performances et la durabilité des produits

Sur la maintenance AG implémentée Technologies d'impression 3D dans la fabrication, réduisant les déchets de matériaux par 22.5%. Les investissements de fabrication durables atteignent 45,7 millions de dollars en 2023.

Innovation manufacturière	2023 données
Implémentation d'impression 3D	7 installations de production
Réduction des déchets de matériaux	22.5%
Investissement de fabrication durable	45,7 millions de dollars

Sur Holding Ag (Onon) - Analyse du pilon: facteurs juridiques

Conformité aux réglementations du commerce international et aux lois sur la propriété intellectuelle

Sur Holding Ag a déclaré 16 demandes de brevet actives au 31 décembre 2022. La société a enregistré des marques dans 42 pays dans le monde. Les coûts de protection de la propriété intellectuelle pour l'entreprise se sont élevés à 3,2 millions de dollars en 2022.

Juridiction	Demandes de brevet	Inscriptions de la marque
États-Unis	7	22
Union européenne	5	15
Asie-Pacifique	4	5

Défis de protection des brevets

Les frais de contentieux juridiques liés à la protection de la propriété intellectuelle étaient de 1,7 million de dollars en 2022. La société a été confrontée à 2 contestations juridiques liées aux brevets au cours de l'exercice.

Conformité des normes environnementales et du travail

Catégorie de conformité	Résultats d'audit	Taux de conformité
Normes environnementales	Certification ISO 14001	98.5%
Normes de travail	Audit de l'association équitable	96.3%

Navigation de la réglementation commerciale internationale

On Holding Ag exploite des installations de fabrication dans 5 pays, les frais de surveillance de la conformité atteignant 2,5 millions de dollars en 2022. La société maintient des équipes juridiques dans 3 régions principales pour gérer les exigences réglementaires internationales.

• Budget de conformité réglementaire: 4,8 millions de dollars
• Taille de l'équipe juridique: 22 professionnels
• Marchés internationaux servis: 65 pays

Sur Holding Ag (Onon) - Analyse du pilon: facteurs environnementaux

Engagement envers la production durable et les principes de l'économie circulaire

On Holding Ag a déclaré une consommation d'électricité renouvelable à 100% dans les opérations mondiales en 2023. La société a réalisé une réduction de 30% de l'utilisation du plastique vierge dans la production de chaussures en mettant en œuvre des stratégies de conception circulaire.

Métrique de la durabilité	Performance de 2023
Consommation d'énergie renouvelable	100%
Matériel recyclé en chaussures	24.7%
Cible de réduction des émissions de carbone	50% d'ici 2030

Réduire l'empreinte carbone grâce à des processus de fabrication innovants

On Holding Ag a investi 12,4 millions de dollars dans les technologies de fabrication durables en 2023. La société a réduit les émissions directes de carbone de 22,6% par rapport à la ligne de base de 2022.

Utilisation de matériaux recyclés dans la production de chaussures

En 2023, sur Holding Ag, 5,2 millions de bouteilles en plastique recyclées dans la fabrication de chaussures. Environ 65% de leur ligne de chaussures Cloudtec® incorporaient des matériaux en polyester recyclé.

Source de matériau	Quantité utilisée (2023)
Bouteilles en plastique recyclé	5,200,000
Polyester recyclé	62.3 tonnes métriques

Mise en œuvre de la durabilité environnementale comme stratégie de marque de base

La tenue de l'AG a alloué 8,7% du budget annuel de la R&D (22,3 millions de dollars) à l'innovation durable en 2023. Les principales initiatives environnementales comprennent:

• Objectif de fabrication de déchets zéro d'ici 2025
• Emballage de chaussures 100% recyclable d'ici 2024
• Engagement de la chaîne d'approvisionnement neutre en carbone

Investissement en durabilité	Montant
Budget de R&D pour la durabilité	22,3 millions de dollars
Pourcentage du budget de la R&D	8.7%

On Holding AG (ONON) - PESTLE Analysis: Social factors

You're looking at On Holding AG's explosive growth and wondering if the social tailwinds are strong enough to sustain the premium price point. Honestly, the social factors-from a deep consumer desire for premium quality to a clear shift toward brand-driven ethical consumption-are not just favorable; they are a primary engine for the company's financial momentum. The brand has successfully transitioned from a niche running shoe to a global, lifestyle-driven status symbol.

Strong, sustained demand for premium, high-quality athletic products continues to drive sales.

The market is clearly willing to pay a premium for On Holding AG's products, which speaks volumes about the perceived quality and design. This isn't just about athletic performance anymore; it's about a high-end, differentiated aesthetic. The company's financial results for the 2025 fiscal year underscore this demand, showing that consumer spending is resilient for brands that deliver on both innovation and status.

Here's the quick math: On Holding AG's gross profit margin hit a record 65.7% in the third quarter of 2025. That figure is a massive indicator of pricing power and premium positioning, well above the industry average. For the full year 2025, the company raised its net sales guidance to at least CHF 2.91 billion (Swiss Francs) in reported net sales, reflecting an expected growth of at least 31% on a constant currency basis. That's a serious growth rate that confirms the sustained appetite for their high-quality gear.

Brand successfully appeals to a younger, more fashion-conscious consumer base globally.

The brand is masterfully navigating the intersection of performance sportswear and fashion, which is crucial for capturing the next generation of spenders. We see a significant over-indexing with Gen Z consumers, the cohort that will account for 40% of the US fashion market over the next decade. They want a blend of technical performance and street style, and On Holding AG is delivering.

Brand awareness with the younger 18- to 34-year-old segment is particularly strong, with awareness more than doubling in a single year in the U.S.. This demographic is product-loyal, not always brand-loyal, so the continuous release of culturally relevant products-like the Cloudtilt-is key. This consumer base is highly influenced by social media and cultural relevance, so the company's strategy is defintely working.

Strategic collaborations, like those with Zendaya, broaden brand appeal beyond core running enthusiasts.

The strategic use of cultural icons and high-fashion partnerships is a clear move to cement the brand's position as a lifestyle player, moving past its core of dedicated runners. The multi-year collaboration with actor and fashion icon Zendaya is a perfect example, and it's already generating tangible results. Plus, the partnership with luxury brand LOEWE on the Cloudtilt was a huge success, selling out almost entirely within days.

This focus on apparel and lifestyle-driven footwear is paying off directly in the financials:

Category	Q2 2025 Growth (Constant Currency)	Impact
Apparel Business	75.5%	Propelled by Zendaya and LOEWE collaborations.
Direct-to-Consumer (DTC) Net Sales	54.3%	Reflects strong global demand and brand momentum.

The first co-created footwear design with Zendaya, the Cloudzone Moon, launched in Fall/Winter 2025, showing the partnership is moving into product co-creation, which deepens engagement.

Growing consumer preference for brands with clear sustainability commitments enhances loyalty.

Consumers, especially the younger ones, are increasingly using a brand's environmental, social, and governance (ESG) commitments as a filter for their purchasing decisions. While 61% of global consumers care about climate change in 2025, they expect brands to lead with credible proof. On Holding AG is positioning itself to capture this value-driven customer.

The company's focus on circularity and preferred materials is a key differentiator that enhances loyalty, especially since 72% of global consumers are willing to pay more for sustainable products.

• Used 84% of polyester fibers from recycled or renewable resources in 2024, up from 80% in 2023.
• Rolled out the Cyclon subscription program-a circular model for running shoes-to 34 markets.
• Developed CleanCloud technology to turn carbon emissions into shoe foam prototypes.

What this estimate hides is the challenge: despite these efforts, the company's absolute Scope 1 and 2 emissions increased by 13% in 2024 due to rapid expansion. The growth is outpacing the absolute reduction, a common problem for fast-growing companies, but the commitment to preferred materials is a strong positive signal to the market.

Next Step: Product Team: Highlight the 84% recycled polyester figure in all new product marketing copy to directly address the Green Spender consumer segment.

On Holding AG (ONON) - PESTLE Analysis: Technological factors

Core CloudTec® cushioning technology remains the key product differentiator in footwear.

The patented CloudTec® system is the core technology that underpins On Holding AG's premium market position, acting as the primary product differentiator in the fiercely competitive athletic footwear space. This technology, which uses hollow pods (the Clouds) in the midsole to provide cushioned landing and explosive take-off, is not static; it is constantly evolving to meet specialized performance needs. The company's continued success relies on iterating this core innovation, as seen in the launch of the Cloudsurfer 2 and Cloud 6 models in 2025, which feature advanced versions like CloudTec Phase, a system designed to deliver even smoother transitions.

This technological advantage supports the brand's premium pricing strategy, which is a key driver of its high profitability. For the second quarter of 2025 (Q2 2025), the gross profit margin expanded significantly to 61.5%, up from 59.9% in the prior year, a direct reflection of the brand's ability to command a higher price point due to perceived and actual product superiority over legacy competitors. Honestly, the CloudTec system is the technical moat protecting their margins.

Scaling of LightSpray innovation is a focus for advanced manufacturing and product development.

LightSpray™ innovation represents On Holding AG's next-generation technological leap, moving beyond just midsole geometry into advanced manufacturing. This technology is viewed internally as having game-changing potential for long-term sustained efficiency and market share gains. The focus in 2025 is on scaling its production capabilities, which involves significant investment in operational technology and infrastructure.

A concrete action supporting this scale is the completion of the fully automated Atlanta distribution center in early 2025. This automation is a critical technological upgrade that will help manage the next wave of global sales growth, particularly in the crucial North American market. By streamlining the supply chain with advanced logistics technology, the company aims to reduce fulfillment costs and speed up delivery times, supporting its high-growth trajectory, which is projected to be at least 31% net sales growth on a constant currency basis for the full-year 2025, translating to reported net sales of approximately CHF 2.91 billion.

Direct-to-Consumer (DTC) channel success relies heavily on continuous investment in digital and tech capabilities.

The Direct-to-Consumer (DTC) channel is the company's most profitable sales engine, and its growth is deeply intertwined with digital technology investment. The DTC channel's success is fueled by continuous tech enhancements, including AI-driven personalization and a sophisticated global e-commerce network that spans 28 countries. This digital focus ensures a premium, high-margin customer experience.

The financial impact of this digital strategy is clear. DTC sales growth in Q2 2025 surged by 47.2% on a reported basis (or 54.3% on a constant currency basis), significantly outpacing the wholesale channel. This growth has increased the DTC channel's contribution to overall revenue, which is a key profitability lever. To be fair, this DTC dominance insulates the brand from some retail volatility.

Metric	Q1 2025 Value	Q2 2025 Value
DTC Net Sales Growth (Reported YoY)	45.3%	47.2%
DTC Share of Total Net Sales	38.1%	N/A (Strong momentum confirmed)
Total Net Sales (CHF)	CHF 726.6 million	CHF 749.2 million

Innovation is expanding into new categories like tennis and training sneakers.

On Holding AG is strategically leveraging its core CloudTec technology to expand into new, high-growth categories beyond running, specifically tennis and training. This product diversification is a technological strategy to broaden the total addressable market and reduce reliance on the core running segment. The technology is adapted for the lateral stability and court-specific demands of tennis and the multi-directional movement of training.

The technological spillover effect is evident in the explosive growth of non-footwear categories, which benefit from the brand equity built on performance technology. Apparel and accessories, which rely on technical fabric innovation and design, saw phenomenal growth in the first quarter of 2025:

• Apparel sales surged by 93% in Q1 2025.
• Accessories revenue jumped by 99% in Q1 2025.

This expansion into a full ecosystem of premium activewear, including the technical demands of tennis and training shoes, shows that the company's innovation pipeline is defintely robust and scalable across different athletic disciplines.

On Holding AG (ONON) - PESTLE Analysis: Legal factors

You're looking at On Holding AG's phenomenal growth-projected net sales of at least CHF 2.86 billion for 2025-and the immediate question is how to protect that value from legal and regulatory risks. The legal landscape for a premium, global sportswear brand is a minefield of intellectual property (IP) battles, complex international labor laws, and shifting trade tariffs. Navigating this requires more than just compliance; it demands proactive risk mitigation to safeguard the brand's premium positioning and profitability.

Increased threat of counterfeit products necessitates stricter intellectual property (IP) enforcement globally.

Protecting the distinctive CloudTec® sole design and the On brand name is a constant, expensive fight. Counterfeiting is a major threat to a premium brand like On Holding AG, especially as sales expand into over 80 countries. While specific 2025 legal spend isn't public, the cost of global IP enforcement-investigations, cease-and-desist actions, and litigation-is a material drag on operating expenses.

Honesty, if you're not actively fighting fakes, you're losing margin and brand equity. The industry trend shows this is a high-stakes game: a competitor, Birkenstock, secured an ex parte injunction in the Delhi High Court in March 2025 against large-scale counterfeit footwear manufacturing in India, demonstrating the necessary, aggressive nature of this defense in key Asian markets. This is the playbook On Holding AG must follow to protect its forecast gross profit margin of 60.0% to 60.5% for full-year 2025.

Compliance with diverse international labor and manufacturing regulations is required across the supply chain.

The global supply chain, where substantially all of On Holding AG's products are manufactured by independent contract suppliers, is subject to intense scrutiny. This risk is compounded by a patchwork of international laws aimed at eliminating forced labor and ensuring ethical sourcing. The company's compliance efforts must span multiple jurisdictions, creating a significant administrative and due diligence burden.

The core compliance requirements for a global apparel and footwear company as of 2025 include:

• Mandatory reporting under the UK Modern Slavery Act.
• Adherence to the California Transparency in Supply Chains Act.
• Compliance with Canada's Fighting Against Forced Labour and Child Labour in Supply Chains Act.

The most critical risk is the U.S. Uyghur Forced Labor Prevention Act (UFLPA), which establishes a rebuttable presumption that goods from the Xinjiang Uyghur Autonomous Region (XUAR) are made with forced labor and are banned from entry into the U.S. The U.S. Customs and Border Protection (CBP) has detained over 12,500 shipments valued at $3.68 billion since June 2022, with apparel/textiles being one of the four most heavily impacted commercial industries. This means On Holding AG must maintain a meticulous, auditable supply chain that proves non-involvement with any of the 144 entities added to the UFLPA Entity List as of 2025, or risk significant import delays and seizures in its largest market, the Americas, which accounted for CHF 385.1 million in net sales in Q4 2024 alone.

Trade agreements and import/export laws, especially concerning raw materials and finished goods, create regulatory complexity.

Geopolitical tensions and trade policy shifts directly impact the cost of goods sold (COGS). On Holding AG acknowledged in its Q1 2025 report that recent global trade policy shifts have introduced a 'higher degree of uncertainty' into its planning. The most persistent complexity comes from U.S. trade policy.

The ongoing Section 301 tariffs on Chinese-origin goods remain a material factor, applying rates of 7.5% or 25% depending on the product classification. While the company may have diversified its manufacturing base, a reliance on Chinese raw materials or Tier 2 suppliers means these tariffs are still an indirect cost risk. The potential for new reciprocal tariffs in 2025 across key industries further complicates logistics and pricing strategy.

Legal/Regulatory Factor	2025 Financial/Operational Impact	Key Compliance Metric
US-China Section 301 Tariffs	Risk of 7.5% to 25% duty on Chinese-sourced inputs, impacting COGS.	Diversification of Tier 1/Tier 2 manufacturing outside of China.
Uyghur Forced Labor Prevention Act (UFLPA)	Risk of U.S. Customs and Border Protection (CBP) detention on U.S. imports.	Supply chain mapping to Tier 3 to prove non-XUAR material sourcing.
Global IP Enforcement (Counterfeiting)	Protects brand value supporting 2025 Net Sales target of CHF 2.86 billion.	Number of successful injunctions/takedowns on e-commerce platforms.

Corporate governance and SEC filing requirements must be maintained as a NYSE-listed company.

As a Foreign Private Issuer (FPI) listed on the New York Stock Exchange (NYSE), On Holding AG is subject to the U.S. Securities and Exchange Commission (SEC) reporting regime, specifically the annual Form 20-F. This adds a layer of complexity beyond Swiss corporate law.

The 2025 reporting cycle introduced new requirements that demand immediate attention. For the 2024 fiscal year Form 20-F filed in 2025, the company was required to file its insider trading policy as a new exhibit (Item 16J), and disclose whether it has a compliant clawback policy. Plus, the SEC is increasingly scrutinizing disclosures related to cybersecurity, artificial intelligence (AI) risk, and human capital management, requiring constant updates to the risk factors section of the Form 20-F. The dual-class share structure, with Class B voting rights shares concentrating control with the extended founder team, is also a corporate governance feature that requires clear, continuous disclosure to maintain investor confidence.

On Holding AG (ONON) - PESTLE Analysis: Environmental factors

You need to know that On Holding AG's environmental strategy is a critical competitive factor, not just a compliance issue. The company's core business pillar is a strong commitment to circularity and using renewable materials, but their rapid growth is still creating near-term carbon challenges. This is a classic decoupling problem where innovation is fighting scale.

Strong commitment to circularity and using renewable materials is a core business pillar.

On Holding AG is defintely pushing a bold vision: a future where every product is fossil-free and fully circular. This isn't just marketing; it's the company's stated North Star, driving their material innovation and business model design. They are actively working to keep materials in flow, which means designing products for their next life from the start. This focus is a major strategic advantage in a market increasingly scrutinized for textile waste.

The circularity model extends beyond just recycled content to include take-back programs and product-as-a-service initiatives like the Cyclon™ subscription. For example, the Cloudneo shoe is designed to be fully recyclable into a new product, moving away from the traditional linear take-make-dispose model.

The company is actively working to decouple growth from resource use and reduce its environmental impact.

The challenge for a company growing as fast as On Holding AG is separating business expansion from its carbon footprint. The 2024 Impact Progress Report, released in April 2025, shows this tension clearly. While they are improving efficiency, absolute emissions are still rising due to massive production volume increases. Still, they are making progress in efficiency.

Here's the quick math on their recent emissions performance:

Metric (2024 vs. 2023)	Change	Context
Absolute Scope 1 & 2 Emissions (Owned Operations)	Increased by 13%	Reflects growth in owned facilities and operations.
Scope 3 Economic Intensity Emissions (Supply Chain)	Increased by 3%	Measures emissions per unit of economic value; shows a slight rise in inefficiency relative to growth.
Average Emissions per Product	Declined	Indicates improved efficiency in manufacturing and material use for each unit produced.

To be fair, their long-term goals are aggressive and science-backed, aiming for a 46% absolute reduction in Scope 1 and 2 emissions and a 55% economic intensity reduction in Scope 3 emissions by 2030, all against a 2019 baseline. Starting in 2025, they are introducing product-level carbon reduction targets to embed these goals directly into the design process.

Development of the Cloudprime shoe, made from carbon emissions, showcases material innovation.

The Cloudprime shoe is the poster child for On Holding AG's material innovation, using captured carbon emissions as a raw material source. This is a major step toward de-fossilizing the supply chain, which is crucial since materials and manufacturing account for most of their emissions.

The innovation, called CleanCloud™, is a performance ethylene vinyl acetate (EVA) foam used in the midsole. The prototype's CleanCloud™ foam is made with 51% CO2. They are working with a coalition of partners to bring this to scale, moving the material from a prototype to an in-line product as fast as possible.

Key material innovations in the Cloudprime prototype include:

• Midsole: CleanCloud™ EVA foam, made using carbon emissions captured by LanzaTech.
• Outsole: Chemically upcycled Thermoplastic Polyurethane (TPU) from post-consumer plastic waste, in partnership with Novoloop.
• Upper: A polyester-based textile derived from carbon emissions, developed with Fairbrics.

Focus on increasing the use of recycled materials, with recycled polyester usage already at 85% in 2021.

The company has significantly scaled up its use of Preferred Materials, which are materials sourced to use less water, fewer harmful chemicals, and lower carbon emissions. This is where the rubber meets the road on their environmental commitments. The progress is measurable and consistent across key material types, showing a clear shift away from virgin, fossil-based inputs.

Look at the material composition data from the 2024 Impact Progress Report:

• Polyester Fibers: 84% sourced from recycled or renewable resources in 2024, up from 80% in 2023.
• Polyamide Fibers: 92% used in apparel and accessories came from recycled or renewable sources in 2024.
• Cotton and Cellulosics: 80% in apparel and accessories came from preferred sources in 2024.

This high percentage of recycled polyester, 84% in 2024, is well above the industry-wide goal of 45% for the 2025 Recycled Polyester Challenge, positioning On Holding AG as a leader in material uptake. This is a strong signal to investors and consumers that the company is executing on its material innovation pillar.