On Stock News
$38.62
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NYSE, Nov 04, 04:24 pm EST.
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On Stock News
Shares of On Holding AG ONON fell sharply Tuesday after soccer star Kylian Mbappe's comments sparked a backlash in China, raising concerns about the Swiss sportswear company's brand in a key growth market. On shares dropped close to 4% in early trading after opening the week on a high with a 2% gain on Monday.
On Holding stock ONON rose 8% on Tuesday after the Swiss sportswear company authorised its first share buyback, worth up to $1 billion through the end of 2029, and unveiled long-term financial targets. The company, which has seen its stock fall about 40% so far this year, is targeting growth across footwear, apparel and new sports categories as it seeks to expand beyond its core running business.
On Holding has authorised a share repurchase programme of up to $1 billion through the end of 2029, the Swiss sportswear brand said on Tuesday, as it announced long-term financial targets, betting on sustained growth in apparel, sneakers and new sports categories.
On Holding made a splashy entry into soccer on Friday by signing French star Kylian Mbappe, a move that raised the Swiss running shoe brand's profile as it pushes into the sport.
On Holding (NYSE:ONON)'s leap into football may say more about the brand's growing costs than its growth prospects, according to a new note from Jefferies. The Swiss sportswear company announced its entry into football this week, signing Kylian Mbappé as an athlete partner and global ambassador and naming Thierry Henry as Director of Football.
On Holding stock has struggled mightily this year. The company scored a win Friday—though it's yet to revive the shares.
Good morning. Sportswear company On Holding has a long-standing practice of avoiding discounts for its shoes and apparel, which are popular with fashionable consumers (including my wife) and athletes and celebrities such as Swiss tennis champion Roger Federer, who has partnered with the brand as an investor.
The premium sportswear company's long-held stance of no discounts is up against a more promotional retail environment.
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