On Running Raises Sales Expectations for 2024, Surpasses Industry Giants
Swiss Sportswear Label On Running Continues to Flourish Alongside adidas and Nike
On Holding AG, the parent company of the popular Swiss sportswear brand On Running, is making big moves in the athletic footwear industry. According to Bloomberg, the Zurich-based company is raising its sales expectations for the full year, as it continues to thrive alongside industry heavyweights like adidas and Nike.
Record Revenue and Global Brand Awareness Surge
On Running is forecasting sales to exceed CHF 2.29 billion Swiss francs ($2.6 billion USD) in 2024, which would be a 32% increase from last year on a currency-adjusted basis. This comes after the brand reported a record revenue of CHF 635.8 million Swiss francs ($717.6 million USD) in the third quarter, a 32.3% increase from the previous year.
The brand’s success can be attributed to its strong presence at the Paris Olympics, the achievements of On athletes, positive feedback for its innovative LightSpray™ technology, and partnerships with top-tier talent. One such partnership is with Zendaya, who is launching a line of apparel with the company.
Shares Soar as On Running Outperforms Competitors
In the third quarter, On Running’s shares doubled in value, while Nike’s shares fell 29% and adidas’ shares grew 21%, according to Bloomberg. This impressive performance is a testament to the brand’s commitment to innovation and excellence.
Co-CEO and CFO Martin Hoffman Comments on Success
In a statement, co-CEO and CFO of On Running Martin Hoffman expressed his excitement about the brand’s success, saying, “Our commitment to innovation and excellence has allowed us to capture this demand and deliver outstanding performance, particularly in our DTC channel.” He also noted that the brand’s net sales and profitability have exceeded expectations, leading to a significant increase in their outlook for the full year 2024.
Confidence for the Future of Sportswear
As the holiday season approaches, On Running is confident in its ability to continue shaping the future of sportswear. With its impressive sales and global brand awareness, the brand is proving to be a major player in the industry, surpassing even the biggest names in athletic footwear.
