Retail Details, Volume 176

Research evidence excerpt

Retail Details, Volume 176

June 21, 2026 Retail Details, Volume 176

ONON Pushes Into 'Hybrid Racing,' Reads From Groupe Dynamite, Snap

Debuts AR Glasses, Steven Smith Debuts Shoe for HEYDUDE Janine Stichter

(212) 738-6052 jstichter@btig.comCONSUMER WHAT YOU SHOULD KNOW: Ethan Saghi

■ Retail Details is our weekend “light reading” update note covering industry reads (212) 588-6595 esaghi@btig.com

with implications for our coverage, tidbits across our covered companies, and

developments across the private company ecosystem. In this week's note, weRETAIL highlight: (1) On (ONON, Buy, $70 PT) pushes into the 'hybrid racing' category,

(2) read-throughs on denim from Groupe Dynamite (GRGD-TSE, Not Rated), (3)

Snap (SNAP, Not Rated) debuts AR glasses, and (4) Steven Smith debuts shoe forAND HEYDUDE (a div. of CROX, Neutral).

■ ONON Pushes Into 'Hybrid Racing' Category. Co-developed with former HYROX

(private) World Champion Alexander Roncevic, ONON is launching the Cloud X

Tempo Pro (see Exhibit 1), designed for speed, power, and stability. OUR TAKE:

ONON is moving early into hybrid racing as the sport scales. HYROX, the flagshipLIFESTYLE event format in the category, surpassed one million participants in the 2024-25

season (see Exhibits 2 and 3), drawing private equity interest per media reports.

ONON’s purpose-built shoe establishes credibility with a new training community

beyond their core running base. We note the sport has global appeal, with Hyrox

hosting events across more than 30 countries. This aligns with the brand's focus onBRANDS category expansion ahead of its September Investor Day.

■ Read-Throughs on Denim from Groupe Dynamite. Management cited softness

in denim across its both its concepts catering to different demos (Gen-Z oriented