On’s ascent led by North America, but keeps Guangzhou in view
17/05/2022
The three-month period that ran until March 31, 2022, saw net sales from shoes, clothing and accessories increase 69% (to $224 million or 222.5 Swiss francs), 44.9% ($11.5 million or 11.4 Swiss francs) and 111.8% ($1.8 million or 1.8 million Swiss francs), respectively.
By region, North America was the brand’s biggest market, followed by Europe and Asia-Pacific.
Though relatively small compared to On’s North American and European consumer bases, its Asia-Pacific market registered the biggest boost in net sales growth, up 125.9% to reach $16.5 million or 16.4 million Swiss francs.
Europe, by contrast, rose 31.3% to achieve $75 million (74.9 million Swiss francs), while North America was up 86.5% ($140 million or 138.4 million Swiss francs).
Co-chief executive and chief financial officer, Martin Hoffmann, described how the company had for the first time surpassed the one million mark in terms of pairs of shoes shipped during the month of March. He added that the business further expects to exceed 1 billion Swiss francs ($1.007 billion) in full-year sales, which would count towards another first for the brand.
Mr Hoffmann also stated that On is due to absorb Argentina, Bolivia, Chile, Colombia, Peru and Uruguay into its list of distributor markets in the second half of 2022.
Indicating its commitment to mainland China, despite ongoing covid-19 concerns in the country and large-scale lockdowns in cities including Beijing and Shanghai, On opened the doors to a pop-up boutique in Guangzhou’s Taikoo Hui mall in mid-May, with plans to operate the retail space until July 20.
On’s Zero jacket, which won an ISPO award earlier in 2022. Credit: On
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