On reports 'outstanding numbers' as sales jump 32%

Swiss sneaker brand On Holding AG has reported record-breaking results in Q2 2025, posting a 32% year-on-year jump in net sales to CHF 749.2 million (£687.9 million) as its Direct-to-Consumer (DTC) business reached new heights.

DTC sales surged 54.3% on a constant currency basis to CHF 308.3 million (£283.2 million), making up 41.1% of total quarterly sales – the highest Q2 share in the brand’s history. Wholesale also saw healthy growth, up 28.8% on a constant currency basis to CHF 441 million (£405.1 million).

David Allemann, Co-Founder and Executive Co-Chairman of On, said: "Our Q2 results leave no doubt: On is playing the long game. We achieved a remarkable 38.2% net sales growth on a constant currency basis, not by chasing trends, but by building a resilient brand for decades ahead. This quarter proves our strategy is working – from our diversified portfolio of iconic footwear franchises to our stellar growth in apparel and our global brand footprint."

Asia-Pacific led the charge regionally, with sales more than doubling year-on-year (up 101.3% reported, 110.9% constant currency) to CHF 119.2 million (£109.5 million). EMEA followed with a 42.9% increase to CHF 197.8 million (£181.7 million), while the Americas saw growth of 16.8% to CHF 432.3 million (£397.1 million).

Product-wise, footwear remains the powerhouse, up 36% to CHF 704.9 million (£647.6 million). Apparel delivered standout growth, up 75.5% constant currency to CHF 36.7 million (£33.7 million), while accessories leapt 143.2% to CHF 7.7 million (£7 million).

Martin Hoffmann, CEO and CFO, added: "We're one and a half years into our three-year strategic plan, and the results of our consistent execution and unwavering focus are clearly visible. Our premium positioning is coming to life across every consumer touchpoint, with product innovation, storytelling and distribution all working together to elevate the brand further."

With its retail footprint expanding and brand heat building across performance and lifestyle categories, On has raised its full-year 2025 guidance. It now expects at least 31% net sales growth on a constant currency basis, equivalent to CHF 2.91 billion (£2.67 billion) at current rates, with a gross profit margin of 60.5-61.0% and an adjusted EBITDA margin of 17.0-17.5%.

On is also betting big on category expansion, with rapid growth in apparel and new product launches in running, tennis, and trail sports.

"Our performance gives us strong conviction in the impact of our strategy and the opportunities ahead to build an even more distinctive and desirable global brand," Hoffmann concluded.