Under Armour, like Nike, has made significant management errors, contributing to its current position.
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On Sign Mbappe - Is Nike's Reign Over?
Sep 27, 2026
The creator discusses On Holding (ONON), a Swiss running shoe brand, highlighting its growth, a recent stock price drop due to wholesale slowdown, and management's strategy to protect full prices and brand image. The company has outlined ambitious growth targets for 2029, announced a significant share buyback program, and secured Kylian Mbappé for its new football division, structured partly with equity. The creator compares ONON to Nike (NKE), noting similar forward P/E multiples but contrasting revenue stagnation at Nike with ONON's growth.
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Lululemon is presented as a more recent cautionary tale, demonstrating how rapid revenue growth can falter, leading to significant stock price declines.
Under Armour serves as a cautionary tale, having fallen significantly from its peak and failed to unseat Nike, highlighting the risks for companies with similar growth narratives.
Nike (NKE) is in a transformation phase with stagnant revenue and a stock down significantly from its peak, trading at a similar valuation to On Holding.
On Holding (ONON) is experiencing strong growth despite a recent stock dip, with ambitious targets and a new Mbappé deal, trading at a similar valuation to Nike.
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