On Holding AG shares fell 20.29% after the company missed second-quarter revenue estimates and reduced its 2026 revenue growth forecast to the low 20% range from at least 23%. The update pointed to weaker momentum in wholesale, where revenue grew 4.8%, partly because the company intentionally limited that channel to preserve broader brand positioning. The combination of a sales miss, a lower medium-term outlook and slower wholesale expansion weighed on investor sentiment, highlighting the tension between protecting a premium brand and sustaining faster top-line growth.