On Holding said it intentionally limited some wholesale shipments in its latest quarter as it prioritized higher-margin direct-to-consumer sales. The strategy came even as a collaboration with Zendaya and an associated advertising campaign directed by Spike Jonze gained traction. In the second quarter, the Swiss sneaker maker's constant-currency wholesale growth slowed to 12.7% from 25.1% in the previous period, underscoring the trade-off between tighter channel management and wholesale expansion.