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On the wire
The Stash EdgePAPPY 23October 1, 20262 min readAd-free

On Running Opens Premium Stores to Claim 60% Direct-to-Consumer Revenue by 2025

Swiss footwear brand uses flagship retail to control customer data and margin while specialty dealers lose shelf share.

Jenny Huang Goodman MPA MSc MHSAThe Stash Edge · Huang GoodmanSource: TradingView ↗
Edgar's SEC data profile {actuarial version} →
In plain words

Premium retail captures customer data and margin; a small brand runs the play with one pop-up and disciplined CRM.

60% of revenue
from direct channels by 2025
75 stores
globally and plans to double that count within eighteen…
40-50% wholesale margin
previously surrendered to retail partners
$150-$180
per pair

On Holding is opening premium standalone stores across North America and Europe, targeting 60% of revenue from direct channels by 2025, according to TradingView market intelligence. The Swiss performance footwear brand currently operates 75 stores globally and plans to double that count within eighteen months, shifting distribution away from multi-brand specialty dealers who built the brand's early traction.

The move follows a pattern: On controls product presentation, captures first-party customer data at point of sale, and retains the 40-50% wholesale margin previously surrendered to retail partners. Each flagship store functions as a controlled environment where On staff train customers on shoe technology, collect fit data, and enroll buyers into a direct relationship the brand owns after the transaction. The stores sit in urban cores with high foot traffic from the brand's core demographic — runners and active professionals who spend $150-$180 per pair.

The mechanism works because On sells a technical product that benefits from expert fitting and gait analysis, services a wholesale partner cannot consistently deliver. A customer who buys in-store receives individualized guidance, then returns to that same location or the brand's ecommerce channel for repeat purchases. On converts a one-time wholesale transaction into a recurring direct relationship with measurable lifetime value. The brand also uses store staff to demonstrate new product lines and upsell apparel, driving basket size 25-30% higher than wholesale channel averages.

The underlying principle applies across physical product categories where the item requires education, customization, or sensory evaluation before purchase. A small brand cannot open 75 stores, but it can run the same play at micro scale. Identify one geographic pocket with demographic concentration — a neighborhood, campus district, or downtown corridor. Secure a 200-400 square foot pop-up lease for three to six months, often available at $1,500-$3,000/month in secondary markets. Staff the space with one trained employee or the founder, and script a 5-minute product education that captures the customer's contact information and buying intent.

The key is conversion infrastructure: a tablet-based POS system that enrolls every buyer into SMS and email, a post-purchase sequence triggered immediately, and a 30-day reorder prompt timed to the product's consumption cycle. The pop-up does not need to be profitable on rent alone; it succeeds when it generates a list of 200-500 direct customers whose repeat purchases flow through owned channels at full margin. A candle brand, a supplement line, or a kitchen tool company can each execute this in a college town, a farmer's market district, or a commuter hub, then close the lease and shift inventory online while retaining the customer file.

The broader shift is this: wholesale distribution builds awareness, but direct retail — even temporary — builds owned demand. On is simply industrializing what works at small scale, and the small brand that moves first in its category will own the local customer before a larger competitor arrives.

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For the principal

Lease a 200-400 sq ft pop-up for 90 days, script a product demo, and capture 300+ emails to own repeat purchases.

For the operator

Open 3-5 test stores in demographic clusters, measure LTV:CAC against wholesale channel, then scale winners and kill losers fast.

For the house

Premium direct stores signal brand strength; demand exclusive SKUs or volume guarantees before committing to wholesale partnership with expanding DTC players.

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Sources and method
  • Primary report: TradingView, October 1, 2026.
  • Company figures can be checked against each filer's own reports on the boards: .
  • Written with artificial intelligence from public sources and published without individual human review. Corrections: info@pops4.com.
direct-to-consumerretail strategyflagship storeswholesale margincustomer dataphysical retail

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