Record third quarter for On
Performance footwear brand On increased sales by 68% in the third quarter of 2021 to a record CHF 218 million (£175 million) despite the supply chain challenges of the industry.
Direct-to-consumer business grew 93% during the three month period.
Martin Hoffmann, co-CEO of On, said: “Consumer demand for the On brand is accelerating across the globe, evident by the fact that our wholesale and direct-to-consumer sales channels, geographic regions, and product groups have all contributed significantly to our strong growth.
“Recent supply chain challenges will lead to a transitory supply shortage in the fourth quarter and the first half of 2022. But since early November, all our production factories are open, and our outlook on net sales and earnings exceeds our original assumptions.”
It said its initial public offering in September draws “a new starting line” to deliver On’s growth strategy.
This month, On announced a new foam called CleanCloud, made using carbon emissions as a raw material. On is leading a consortium of innovation companies to commercialize CleanCloud.
