TCF POST Report
Zurich, Aug. 11, 2026 – On Holding AG’s second-quarter 2026 results underline the continued dominance of footwear, while also highlighting the rapidly growing role of apparel and Asia-Pacific in the company’s global expansion.
On generated CHF 850.3 million in Q2 net sales, up 13.5% year on year and 21.6% on a constant-currency basis. Footwear contributed CHF 781.6 million, or 91.9% of sales, up 10.9%. Apparel, meanwhile, surged 47.7% to CHF 54.2 million, while accessories rose 88.3%.
For the first half, footwear sales increased 11.5% to CHF 1.545 billion, while apparel climbed 46.4% to CHF 109.5 million.
The figures show that On remains fundamentally a footwear company, but is using its footwear franchise to build a broader performance-lifestyle business.
Co-CEO David Allemann said the company’s financial strength enables continued investment in “authentic brand connections, premium customer experiences, and, above all, continuous performance innovation.”
Footwear remains the growth engine
On said footwear growth was supported by new franchise iterations, seasonal colorways and successful products from previous seasons. Performance All Day, particularly the Cloudtilt franchise, led Q2 growth, while Cloudmonster and Cloudsurfer supported Performance Running.
This strategy is expanding On beyond traditional running into Performance All Day, Outdoor, Tennis and Training, allowing the company to compete across performance and lifestyle footwear.
| Product | Q2 2026 sales | YoY growth | Share of sales |
|---|---|---|---|
| Footwear | CHF 781.6m | 10.9% | 91.9% |
| Apparel | CHF 54.2m | 47.7% | 6.4% |
| Accessories | CHF 14.5m | 88.3% | 1.7% |
*Source: On Holding Q2 2026. *
Apparel gains momentum
Apparel remains small compared with footwear but is growing much faster. Its 47.7% Q2 increase and 46.4% first-half growth suggest that On is gradually building a more complete performance offering around its footwear franchise.
Performance Running led apparel growth, with contributions from Performance All Day and Performance Tennis.
For Asian textile and garment suppliers, this could become increasingly relevant if apparel continues to outpace footwear. However, On’s filing does not disclose country-level apparel sourcing volumes or individual suppliers, so a specific Asian sourcing shift cannot be established from the results.
Asia-Pacific becomes a major growth engine
Asia-Pacific was On’s fastest-growing region in Q2, with sales rising 43.1% to CHF 170.5 million. First-half sales increased 43.7% to CHF 344.5 million, lifting the region’s share of group sales to 20.5% from 16.2%.
Growth was primarily driven by China and Japan, with South Korea also making a notable contribution.
Q2 2026 Regional Sales
| Region | Q2 2025 | Q2 2026 | YoY growth | Q2 2026 share |
| Americas | CHF 432.3m | CHF 451.6m | 4.5% | 53.1% |
| EMEA | CHF 197.8m | CHF 228.2m | 15.4% | 26.8% |
| Asia-Pacific | CHF 119.2m | CHF 170.5m | 43.1% | 20.0% |
| Total | CHF 749.2m | CHF 850.3m | 13.5% | 100% |
*Source: On Holding Q2 2026. *
The regional comparison highlights the changing business balance: Asia-Pacific delivered nearly ten times the growth rate of the Americas and increased its contribution to group sales significantly.
The shift is strategically important because Asia is becoming both a major consumer market for premium footwear and an increasingly important part of On’s distribution infrastructure.
On is planning a new APAC warehouse, while its global retail expansion has pushed total lease commitments to CHF 230.3 million.
DTC strengthens the business model
On’s DTC sales increased 26.0% to CHF 388.4 million in Q2, compared with 4.8% growth in wholesale. DTC represented 45.7% of quarterly sales, up from 41.1% a year earlier.
For footwear, greater DTC penetration gives On more control over product presentation, pricing, launches and consumer relationships while supporting premium positioning.
Sourcing faces greater tariff and logistics pressure
On’s filing highlights growing exposure to tariffs, freight, transportation, customs duties, labor costs and supply-chain disruption.
Vietnam is particularly relevant. On cited a 20% U.S. reciprocal tariff on Vietnamese imports and additional Section 301 tariffs expected to increase duties on its products.
At the same time, On said operational efficiencies, particularly in freight, helped improve Q2 gross margin to 65.4% from 61.5%, offsetting part of the tariff impact.
For Asian footwear sourcing, this makes total landed cost increasingly important. Factory price alone is no longer sufficient: tariffs, freight, lead times, inventory and currency exposure increasingly determine competitiveness.
On’s Q2 performance remains primarily a footwear growth story, but the company’s rapidly expanding apparel business and exceptional Asia-Pacific growth are changing the shape of that story.
For Asian suppliers, the opportunity is expanding beyond footwear manufacturing into performance apparel and regional supply-chain services. But competition is also becoming more complex, with innovation, quality, speed, freight efficiency, tariffs and total landed cost increasingly determining which suppliers and sourcing locations remain competitive.
For the fashion industry, On demonstrates how a technically driven footwear brand can use product innovation, lifestyle positioning, apparel expansion and DTC to build a broader global performance-fashion platform.