What is the story about?
What's Happening?
On Holding AG, a Swiss shoemaker, has appointed Scott Maguire as its new Chief Operating Officer. Maguire, who joined the company as Chief Innovation Officer in March, will assume his new role in January. His appointment is part of On's strategy to integrate innovation with operations, particularly focusing on scaling up its Lightspray shoemaking robots. This move aims to increase On's market share against competitors like Nike and Adidas. The current COO, Samuel Wenger, is leaving to explore opportunities in the startup sector. On, founded in 2010, has seen rapid growth and aims to double its net sales and achieve high profitability by the end of its three-year strategy in 2023.
Why It's Important?
The appointment of a new COO at On is significant as it highlights the company's commitment to innovation and operational efficiency. By focusing on advanced manufacturing technologies like the Lightspray robots, On aims to enhance its competitive edge in the high-end sneaker market. This strategic move is crucial as the company seeks to expand its presence in new markets, particularly in Asia, and maintain its profitability amidst economic uncertainties. The leadership change also reflects On's adaptability and readiness to tackle challenges posed by global trade dynamics and market competition.
What's Next?
On's future plans include expanding its market reach, especially in Asia, to sustain its growth trajectory. The company will likely continue to invest in innovative technologies to enhance its product offerings and operational capabilities. Stakeholders will be watching how the new COO, Scott Maguire, leverages his dual role to drive the company's strategic goals. The market will also be attentive to how On navigates the competitive landscape against major players like Nike and Adidas.
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