China and North America push On forward
Zurich-headquartered performance footwear and apparel brand On has revealed that its net sales jumped 70.4% in fiscal 2021 to reach almost $780 million or around 724.6 million Swiss Francs.
The company’s fourth-quarter (Q4) results showed a 53.7% boost in net sales year on year, achieving $205 million or 191.1 million Swiss Francs over the period.
Co-chief executive and chief financial officer at On, Martin Hoffman, described how the Swiss firm had closed out the year “with many new record numbers”, partly thanks to it exceeding expectations in Q4.
Mr Hoffman singled out the “exceptional” growth rates demonstrated in the North American and Chinese markets, both of which apparently increased by more than 100%, and stated that the brand was now “even more confident and excited about” global growth opportunities. Production capacity has been at 100% (in terms of pre-lockdown commitments) in Vietnam since December 2021, he added, also highlighting On’s recent expansion into Indonesia with the opening of a new facility.
The company’s co-founder and executive co-chairman, David Allemann, commented separately that On’s team is now 1,000 members strong, made up of over 65 different nationalities.
Earlier this month, the firm announced a performance-meets-high-fashion collaboration with luxury Spanish fashion and leathergoods house Loewe.
Image: On via Instagram.
