$ONON Q2 FY26 call: "In wholesale, some of our everyday running franchises tracked below our ambitions in a highly promotional multi-brand marketplace, particularly in the Americas. This is something we are not pleased with, but our response is where the premium standard proves itself. We have been intentional and disciplined on managing sell-in to the channel. Most importantly, we choose not to build in-channel inventory that could compromise our full price integrity."
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