(Bloomberg) -- On Holding AG’s stock tumbled after it posted disappointing second-quarter sales as the Swiss brand held off from discounting older shoe models ahead of product updates in the highly promotional US market.

Federer’s net worth fell below $1 billion as the share price for On Holding fell 19% after missing net sales expectations.

(Bloomberg) -- On Holding AG’s stock tumbled after it posted disappointing second-quarter sales as the Swiss brand held off from discounting older shoe models ahead of product…