On Holding maintains a high-end positioning strategy without discounting.

In early trading on Wednesday, the stock price of the shoe and sportswear retailer On Holding surged by 20.7%. After announcing revenue and earnings per share that exceeded expectations, the company raised its guidance for the third consecutive quarter for the 2025 fiscal year and stated that it would not offer Black Friday discounts in order to maintain its high-end positioning relative to competitors such as Nike.