Federer-Backed On’s Full-Year Sales Forecast Disappoints
Founded in 2010, On has been taking market share from the likes of Nike and Puma.
Photographer: Stefan Wermuth/BloombergOn Holding AG’s forecast for sales this year disappointed investors looking for faster growth from the sneaker maker backed by tennis great Roger Federer.
The US-listed company’s shares fell 12% in pre-market trading after On predicted sales will rise at least 23% this year on a constant currency basis, below the estimate of analysts in a Bloomberg survey.