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On Holding Lifts Outlook After Record Q3 and Declares No Black Friday Discounts

Premium positioning with full‑price discipline drives confidence entering the holiday quarter.

Overview

  • Quarterly revenue rose to 794.4 million Swiss francs, up about 25%, with adjusted earnings of 0.43 francs per share beating LSEG estimates.
  • Full‑year 2025 sales guidance increased to roughly 2.98 billion francs, implying about 34% growth on a constant‑currency basis.
  • The company will keep prices intact through the holidays with no Black Friday deals as it prioritizes margin protection and brand elevation.
  • Asia‑Pacific led the quarter with sales more than doubling on a constant‑currency basis, while apparel jumped 86.9% and surpassed one million pieces sold.
  • Shares surged about 20% after the report, as analysts offered mixed reactions with some trimming targets on competition and demand‑normalization risks.