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On Holding AG (ONON): I’m Double Minded About The Stock, Says Jim Cramer

Wed, Aug 20, 2025, 12:15 PM 2 min read

On Holding AG (NYSE:ONON) is an athletic apparel retailer whose stock has lost 18% year-to-date on the back of investor concerns about the broader retail industry. The shares dipped by 8% last week after Tapestry warned that it expected tariffs to hit its profits. Cramer discussed the movement in On Holding AG (NYSE:ONON)’s shares and warned that he might have been too bullish about the firm previously. Here is what he said:

“A lot of the apparel stocks are down off of Tapestry. I’ve got to tell you, I mean Ralph Lauren is too. But the one that I’ve been watching is On Holding. I thought On Holding had a good quarter. I’ve been either disabused of that notion or perhaps I’ve been too bullish about these guys. If ONON is not doing as well, then you have to start thinking about Nike again. “

I'm Double Minded About The Stock, Says Jim Cramer

Mbuso Sydwell Nkosi/Shutterstock.com

Here are his previous comments about On Holding AG (NYSE:ONON):

“One of my favorite companies is On Holding. Now it has been stuck in a holding pattern. They reported very good numbers today, the stock was initially up seven, now it’s down. There’s a substantial short position, the shorts have been winning in this battle. I think Roger Federer in the end wins. But it is a very contested group.”

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