On Holding Partners With Kylian Mbappé to Enter Football Market

Insider Monkey··CHUS·Read original
2▲0 ▼0Impact / 5
Summary · why it matters

On Holding AG is expanding into football through a strategic partnership with star Kylian Mbappé, with the company expected to launch its first football boots and apparel next year. The move takes the Swiss sportswear maker beyond its traditional running and tennis categories and could establish an entirely new product franchise, with Mbappé involved in testing and co-developing products. Jefferies remains skeptical, reiterating its Underperform rating and a $20 price target on September 18, citing a relatively limited addressable market and slowing growth momentum, particularly in the Americas, where constant-currency sales growth slowed to 13% in the second quarter from 17.1% in the first quarter. Hedge fund holdings in On Holding rose to 54 in the second quarter from 52 in the first, with BAMCO raising its stake by 75% to approximately $599.65 million and Lone Pine Capital initiating a position worth about $470.38 million. Short interest also climbed, with shares sold short rising from 19.82 million as of July 31 to 22.95 million as of August 31, about 6.87% of shares outstanding.

Impact on assets 2

Consumer Discretionary▲ · 1 stocks
On Holding Ltd
ONON
± MixedCapitalDemandrelevance

Jefferies reiterates Underperform and a $20 price target, citing limited addressable market and slowing Americas growth.

Financials▲ · 1 stocks
Jefferies Financial Group Inc
JEF
± MixedCapitalrelevance

Jefferies reiterates Underperform rating and $20 price target on On Holding, but the article gives no news about Jefferies itself.

Off-coverage companies 1

Lone Pine CapitalPrivate± Mixed
Capitalrelevance

Lone Pine Capital initiated a ~$470.38 million position in On Holding, a fund-flow event with no clear directional read.

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