On Holding continues to reject discounts on its shoes and apparel despite its weakest retail sales since going public in 2021, which forced the company to soften its sales outlook. The Swiss sportswear company argues that product innovations, including robotic arms that manufacture sneakers in minutes and designs focused on lighter weight and greater cushioning, support its premium pricing. Its products are popular with fashionable consumers, athletes and celebrities, including Swiss tennis champion Roger Federer, who has partnered with the brand as an investor. Chief Financial Officer Frank Sluis said such innovation is the antidote to promotions as competitors offer more discounts to shoppers facing higher costs for gas, beef and other essentials.