Switzerland's On Holding plans $1 billion buyback through 2029, sets long-term targets 

Sept 22 (Reuters) - On Holding has authorised a share repurchase programme of up to $1 billion through the end of 2029, the Swiss sportswear brand said on Tuesday, as it announced long-term financial targets, betting on sustained growth in apparel, sneakers and new sports categories.

Backed by Swiss tennis great Roger Federer, On has been broadening its reach, having signed French soccer star Kylian Mbappe last week, a partnership that has raised the brand's profile as it pushes into the world's most popular sport.

The maker of CloudTec running shoes is battling slowing growth in its key Americas market and is now tasked with doing what rivals have failed to accomplish: chip away at Nike, Adidas and Puma's soccer dominance. Mbappe had previously been sponsored by Nike for roughly two decades.

On outlined its financial targets through 2029, including high-teens percentage annual constant-currency sales growth and net sales of at least 5.6 billion Swiss francs ($6.83 billion).

The company also reiterated its 2026 forecast for low-20% constant-currency sales growth, a gross margin of at least 65%, and an adjusted EBITDA margin of between 19.5% and 20%.

On expects third-quarter constant-currency revenue growth of about 17%.

($1 = 0.8203 Swiss francs)

(Reporting by Rishabh Jaiswal in Bengaluru; Editing by Mrigank Dhaniwala)