ONON · CIK 1858985
What On Holding AG told the SEC could break it.
Almost everything On Holding flagged traces back to one country: Vietnam, where it makes roughly 90% of its footwear and 65% of its apparel through third-party factories. That single geography is also where its concentration risks compound — a focused network of fewer than 30 suppliers (six of them about 70% of production), and a new 20% US reciprocal import tariff on Vietnamese goods, effective August 2025, that raises the landed cost of nearly everything it sells in the US. Separately, it noted currency exposure, with 99% of 2025 net sales booked in currencies other than its Swiss-franc reporting currency.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- footwear manufacturing concentrated in Vietnam (~90%) and Indonesia (~10%); apparel 65% Vietnamhigh
On Holding's production is heavily concentrated in Vietnam — ~90% of footwear and ~65% of apparel/accessories units in 2025 — with the remainder in Indonesia, Turkey and China; substantially all products are made by third-party manufacturers, exposing the brand to political, labor and disruption risk concentrated in Vietnam.
“In 2025, approximately 90% of our footwear products were produced in Vietnam and approximately 10% of our footwear products were produced in Indonesia. In 2025, approximately 65% of our apparel and accessories units produced were manufactured in Vietnam, 29% in Turkey and 6% in China.”
Regulatory & policy
- US 20% reciprocal import tariff on Vietnam (Aug 2025) + IEEPA tariff invalidation uncertaintyhigh
A fixed US reciprocal import tariff of 20% on Vietnam became effective August 2025 (on top of Vietnam's existing 20% import tariff), increasing the cost of the ~90% of shoes and ~65% of apparel On sources from Vietnam and sells in the US; the February 2026 Supreme Court ruling invalidating certain IEEPA tariffs has added further trade-policy uncertainty.
“In August 2025, a fixed reciprocal import tariff by the US of 20% on Vietnam, applied in addition to the existing 20% import tariff in Vietnam, became effective, which has increased and is expected to continue to increase the costs of products we source from outside the US and subsequently sell within the US. In 2025, we sourced approximately 90% of our shoes and approximately 65% of our apparel and accessories from Vietnam.”
Supplier concentration
- fewer than 30 suppliers; 6 partners = ~70% of production; footwear via ~10 suppliershigh
On Holding does not own significant manufacturing and works with a focused network of fewer than 30 suppliers, with 6 partners accounting for ~70% of 2025 production; footwear is produced primarily by 10 suppliers (8 in Vietnam, 2 in Indonesia) — a concentrated supplier base it manages via alternative-supplier exploration and contingency plans.
“We work with a focused network of fewer than 30 suppliers, with 6 partners accounting for approximately 70% of our production in 2025. Footwear is produced primarily by 10 suppliers, 8 of which are located in Vietnam and 2 in Indonesia.”
SEC filing →As of 2026
Currency (FX)
- 99% of net sales in currencies other than CHF functional currency; USD-sourced/local-sale mismatchlow
On Holding reports in CHF but generated 99% of 2025 net sales in other currencies, and its transactional FX risk arises chiefly from products sourced in USD versus sales denominated in destination-market currencies — so currency swings can materially affect net income.
“In 2025 and 2024, 99% and 98% of our net sales, respectively, were generated in currencies other than CHF. Based on foreign currency sensitivity analysis of the consolidated balance sheets, a 10% fluctuation in On's main currencies would impact net income as shown in the table below.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“In 2025, we continued to scale and deepen our collaboration with global key accounts, including Dick's Sporting Goods, JD Sports and Foot Locker. The wholesale channel accounted for 58.2% of net sales in 2025.”
Cited →JD Sports Fashion plc
“In 2025, we continued to scale and deepen our collaboration with global key accounts, including Dick's Sporting Goods, JD Sports and Foot Locker. The wholesale channel accounted for 58.2% of net sales in 2025.”
Cited →“In 2025, we continued to scale and deepen our collaboration with global key accounts, including Dick's Sporting Goods, JD Sports and Foot Locker. The wholesale channel accounted for 58.2% of net sales in 2025.”
Cited →
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