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After Football, On Sets Its Sights on Golf

By Jorge Guerreiro23 septembre 2026

On Tuesday, during its Investor Day, Swiss sportswear brand On announced its first share buyback programme. Another piece of news attracted less attention, however: the company is entering the golf market, just one week after unveiling its new football division.

D'ici 2029, On vise au moins 5,6 milliards de francs de ventes, soit près du double des 3 milliards réalisés en 2025 (On/Fabio Zingg)

Last week, the news made headlines, particularly on social media, fuelled by the star power of Kylian Mbappé and Thierry Henry. On September 18, the French striker officially announced the end of his partnership with Nike, which had equipped him since he was seven, and signed a ten-year deal with On, becoming a shareholder in the company in the process, although the size of his stake has not been disclosed.

It is a formula On had already used in 2019, when Roger Federer became a shareholder after also leaving Nike. The strategy appears consistent: team up with a major sports figure, give them an equity stake and develop products with them. This time, another element has been added with the appointment of Thierry Henry as head of the football division. The rollout is set to be gradual: On plans to enter the market in 2027 with limited-edition releases, followed by a full product range in 2028.

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Higher Financial Ambitions

At the Investor Day held on Tuesday at On Labs in Zurich, football naturally took centre stage. However, with ONON shares, listed on the New York Stock Exchange (NYSE), having fallen by more than 40% since the beginning of the year, investors were primarily looking for financial targets. By 2029, On is targeting at least CHF 5.6 billion in sales, almost double the CHF 3 billion recorded in 2025.

The company is also targeting a gross margin of at least 65% and an adjusted EBITDA margin of at least 22%. Its board of directors has also authorised its first share buyback programme, which could reach $1 billion by the end of 2029. The market reacted positively to the plan: On's shares rose 7.58% on Tuesday, closing at $29.39. Stifel and Goldman Sachs maintained their buy ratings, with price targets of $41 and $42 respectively.

Golf as a New Growth Opportunity

Alongside the announcements concerning football and the share buyback, golf was presented more discreetly, notably by Roger Federer, who joked that retirement had given him more time to play the sport. The company is highlighting an economic argument: according to On, golf is the sport with the highest spending per participant. That fits with the brand's premium positioning.

With football, On is entering a market dominated by Nike, Adidas and Puma. Golf may be more discreet, but it is also a sizeable market: golf apparel sales alone are estimated at nearly $9.5 billion worldwide in 2025 and could reach around $14.8 billion by 2034. North America accounts for more than half of the market. The sport could therefore provide a significant additional growth opportunity and potentially help the Zurich-based brand reach its ambitious targets.

Key points:

- Football: On plans to enter the market in 2027, ahead of a full product range in 2028.
- 2029 target: CHF 5.6 billion in sales, alongside a share buyback programme of up to $1 billion.
- Golf: The company is targeting a growing market that fits its premium positioning.

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