Performance shoes uptake pushes On to another record
Swiss brand On has reported its sixth consecutive record quarter, reaching net sales of CHF 444.3 million (£400 million) in the second quarter of the year, a growth rate of 53%.
Profits were also up 60%, partly reflecting the discontinuation of air freight usage, which had weighed on profitability during the first half of 2022.
On is raising its outlook for net sales to reach at least CHF 1.76 billion in the fiscal year 2023, an increase of 44%.
Martin Hoffmann, Co-CEO and CFO of On, said: “The strength of the On brand and continued exceptional growth is visible across channels, regions and products. We are thrilled that we are visibly progressing further on our strategy and ambition to win credibility and market share in the performance space.
“In particular, we are extremely pleased with the feedback on our Cloudboom Echo 3, which was more broadly launched in Q2 and is our fastest long-distance running shoe yet. On the Tennis side, we saw Iga Swiatek take the victory at the French Open at Roland Garros in early June – we are so proud to have kicked off On’s presence on the grand slam courts with such an incredible and emotional debut."
