Jefferies analyst Randal Konik has some big questions about sneaker brand On Holding after conducting some channel checks. In a research note on Monday, Konik described On’s outlet store at Woodbury Commons Premium Outlets a “ghost town,” adding that the store was “notably quiet for a Friday, with relatively new styles (Cloud 6) already on sale. He noted that Woodbury has the reputation as one of the highest-traffic outlet destinations in the country, and typically sees “meaningful weekend-adjacent volume.” What concerned him was the presence of relatively new product, include the Cloud 6. You May Also Like “Seeing new product at the outlet this early in its lifecycle suggests either that sell-through at full-price doors has disappointed or that On is proactively routing excessive inventory through its own off-price channel,” Konik wrote.…