On Holding CEOs talk sustainability and launch of sneaker subscription service
- Marc Maurer and Martin Hoffmann, Co-CEOs of On Holding, told CNBC's Jim Cramer about making their company more sustainable with a sneaker subscription service, Cyclon, and a new shoe made from carbon emissions.
- "We launched Cyclon because we have a very simple mission: We want to make all our products ready for circularity, and so Cyclon was the first one," Maurer said.
Marc Maurer and Martin Hoffmann, Co-CEOs of Swiss sports apparel brand On Holding, told CNBC's Jim Cramer that they aim to make their products sustainable.
On Holding rolled out Cyclon, a sneaker subscription service where customers pay a monthly fee to return their old sneakers every six months in exchange for new ones.
"We launched Cyclon because we have a very simple mission: We want to make all our products ready for circularity, and so Cyclon was the first one," Maurer said. "It's made out of one material, it comes in a subscription model, and once you've used it, we can basically take it back and recycle it."
On Holding is also trying to get out of using fossil fuels, Maurer said, and the company recently showcased a new shoe made from carbon emissions. The sneaker is not yet for sale, but Maurer said he expects it to enter the broader market in 2025.
Hoffmann also discussed the company's elevated inventory, which he said is due to "disruptions" the company faced in the aftermath of the Covid-19 pandemic.
"But it is all fresh and good inventory, which we expect to sell at full price," Hoffmann said. "So we feel we have work to do in getting that down, but we don't have risk to our profitability."
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