End of Earnings Shock? 800 Billion Won Flows Back to Swiss Sneaker Stocks

Shares of Swiss running shoe brand On Holding AG (NYSE: ONON) extended their post-correction rebound, rising more than 5% on the New York Stock Exchange to close at $35.94. In a single session, its market capitalization increased by about $580 million (roughly KRW 800 billion), bringing it to approximately $10.6 billion (around KRW 14 trillion).

After plunging over 11% in late March following the resignation of its sole CEO and the announcement of a co-CEO structure, hopes for a renewed growth story have resurfaced. This optimism is driven by the return of co-founders to management, the appointment of a new CFO, and several analysts raising their price targets. Earlier today, U.S. law firm Bronstein Gewirtz & Grossman announced an investigation into potential investor losses; however, the probe is being viewed as an extension of the widely known CEO transition and is not weighing heavily on the stock.

Headquartered in Zurich, Switzerland, On Holding is a premium running shoe and sportswear company that has rapidly expanded in North America and Europe with its “On” branded sneakers, and it went public on the NYSE in 2021. Although its 2025 earnings release showed continued revenue growth, a deceleration in growth rate along with profitability and valuation pressures has led to significant share-price volatility. The recent leadership reshuffle is now seen as a key factor that could revive the company’s high-growth image, making it a central investment consideration moving forward.