How Investors May Respond To On Running Stock After Ambassador China Backlash

• On Holding recently faced brand pressure after global ambassador Kylian Mbappé lost sponsorships and TV exposure in China following critical political remarks, raising questions about how closely the footwear and apparel group could be tied to the controversy.
• The episode highlights how On Holding’s push into football and Greater China carries not just demand opportunity but also reputational and marketing execution risk when endorsement partners become politically sensitive.
• We will examine how this Mbappé-linked reputational risk could reshape On Holding's investment narrative around global expansion.

Compare On Holding’s current pressure point with a curated set of peers facing reputational or market scrutiny by reviewing our 30 resilient stocks with low risk scores that focuses on resilience and balance sheet strength.

On Holding Investment Narrative Recap

To own On Holding, you need to believe the brand can keep expanding premium footwear and apparel, especially through direct-to-consumer and international channels, without losing pricing power or resorting to heavy discounting. The immediate swing factor is execution on this growth plan in the upcoming quarters rather than short term share price moves.

The recent share pullback linked to Kylian Mbappé and China looks more like a perception overhang than a clear hit to current operations, since football products around him are not yet commercialized. In the near term, the more important catalyst and risk sits in how efficiently On Holding funds and scales its expansion in stores, marketing and technology.

The upcoming third quarter 2026 earnings release on 10 November is the clearest operational checkpoint tied to these headlines. Management is expected to update on revenue mix between wholesale and direct-to-consumer, gross margin drivers and progress in EMEA and Asia Pacific, including Greater China, which may matter more to the business than one endorsement issue.

Consensus currently points to flat EPS year on year with meaningful sales growth, so the call will likely focus on how reinvestment into new categories such as football and golf, LightSpray manufacturing and store openings is tracking against profitability. For you as an investor, the practical question is whether On Holding shows that brand strength, expansion spending and reputational risks are being kept in a healthy balance.

On Holding's current analyst narrative points to CHF5.4b in revenue and CHF661.8m in earnings by 2029, which assumes 18.5% yearly revenue growth and an earnings increase of about CHF265.6m from CHF396.2m today.

Uncover why On Holding's fair value indicates a 34% potential upside to its current price, which could narrow quickly.

Exploring Other Perspectives

Some of the most optimistic analysts focus on On Holding’s push into China as a key upside catalyst, with forecasts before this Mbappé news pointing to CHF5.8b in revenue and CHF775.7m in earnings by 2029. You now need to judge whether this China heavy optimism still fits, or whether those expectations could shift meaningfully.

Explore 8 other On Holding fair value estimates, including one that suggests potential upside of up to 108% from the current price.

Form Your Own Verdict

Don't just follow the ticker. Dig into the data and build a conviction that's truly your own.

• A great starting point for your On Holding research is our analysis highlighting 3 key rewards that could impact your investment decision.
• See our latest analysis for On Holding. The report includes a comprehensive fundamental analysis summarized in a single visual, the Snowflake, making it easy to evaluate On Holding's overall financial health at a glance.

Looking for more investment ideas beyond On Holding?

If the Mbappé headlines have you rethinking single stock risk, it can help to widen your watchlist and compare On Holding with other businesses that have different drivers, sectors and risk profiles.

• For investors who want income at the core of their plan, scan a curated pool of higher yielding payers through the 5 dividend fortresses.
• If resilience and balance sheet strength are your priority, stress test your ideas against companies screened for lower risk profiles via the 30 resilient stocks with low risk scores.
• When you want to hunt for overlooked opportunities with solid fundamentals, cast a wider net and review the 21 high quality undiscovered gems.

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