Nike Momentum Grows, On Raises Guidance, Asics and Salomon See StockX Boom

Welcome back to FN, where we break down the biggest stories happening in footwear and retail.

This week in footwear, the market heats up with Nike outperforming On, according to reports, Asics and Salomon top resale trends, and On boosts 2025 outlook.

Jefferies Analyst Prefers Nike Over On: Here’s Why

Jefferies analyst Randal J. Konik thinks Nike Inc.’s turnaround is showing more than just a few green shoots — and that could stall On’s growth.

“Nike’s Vomero Plus is outperforming On’s Cloudsurfer Max in both consumer interest and retail sell-through,” he noted in a reports, adding that Google Trends shows “materially higher search volume for Vomero, signaling stronger buzz.”

According to Konik, Nike’s new running product is also selling out on Dickssportinggoods.com, reinforcing its broader appeal. “This momentum aligns with Nike’s commentary around a strengthening order book heading into the holiday season,” the analyst concluded.

On Is Paying 40 Percent on Vietnam Imports to the US: Here’s Why the Brand’s CEO Isn’t Worried

On Holding AG is eyeing a business model that is expected to help insulate it somewhat from tariff surprises.

Martin Hoffmann, CEO and CFO, said that during the company’s second quarter earnings conference call to investors Tuesday that On implemented selective price increases in the U.S. in early July. He also said raising prices had no impact on the firm’s second quarter profitability.

“Considering our strong performance in Q2, continued powerful momentum in the first weeks of Q3, a strong order book for the fall/winter season and the continued efficiency tailwinds driven by our focus and commitment to operational excellence, we are increasing our 2025 guidance across all line items with high expectations for net sales growth, gross profit margin and adjusted EBITDA margin,” Hoffmann said. The company also raised guidance in the first quarter following an earnings report that was ahead of expectations.

Asics, Salomon and Anta Are Experiencing Massive Growth on StockX in 2025

Asics is continuing with massive growth for the second year in a row, and the Salomon comeback is very much on, according to StockX.

The release platform has released its annual “Big Facts” midyear report, finding that the Gel-1130 and Gel-NYC are helping drive Asics as the fastest-growing sneaker brand for the second consecutive year. Trades for Asics are up 71 percent for the first half of 2025 compared to the same time period in 2024. This stacks growth on top of a 63 percent increase in trades for the first half of 2024 from the first half of 2023.

Salomon comes in as StockX‘s number-three fastest-selling brand after failing to make the list in 2024. Trades are up 53 percent for the first half of 2025, bringing the outdoor shoe specialist to the same ranking as it had in 2023. Major catalysts are the relaunched XT-Whisper, collaborators on which include Sandy Liang and Kith, as well as a resurgence for the XT-6.

Need more shoe news?

• Nike Files Lawsuit Against Clot Founder Edison Chen
• Brooks Sees Double-Digit Global Revenue Growth for Second Consecutive Quarter
• Nike, Air Jordan and Adidas Top Kids, Teens Holiday Wish Lists
• Birkenstock’s Wholesale Business Is Booming: Here’s Why

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