On boosts sales by 43 percent, while net profit suffers
On-Flagship in Zürich Credits: On Swiss sportswear and footwear brand On had a strong start to 2025. Revenue continued to rise during the first quarter of 2025, driven by the strength of its direct-to-consumer channel and the positive reception of its latest collections. However, its net profitability was affected by various external financial factors, which moderated the final result for the period. During the first three months of the year, the period ending March 31, 2025, On recorded net sales of 726.6 million Swiss francs, representing growth of 43 percent compared to the same period last year (508.2 million francs). This result was driven by a 45.3 percent increase in the direct-to-consumer channel and 41.5 percent growth in the wholesale channel. Sales increased significantly in all regions, with a 130.1 percent jump in Asia-Pacific. Despite this strong commercial performance, net profit decreased by 38 percent to 56.7 million Swiss francs, compared to 91.4 million in the first quarter of 2024. The company attributes this decline mainly to the negative impact of the exchange rate and lower gains from exchange rate differences, which went from a positive 76.8 million francs to a loss of 14.5 million. The report also highlights that the increase in operating expenses contributed to the contraction in profit. “The first quarter exceeded our expectations and reflects the strong momentum of our brand across all channels, regions and product categories,” said On co-founder and executive chairman, Caspar Coppetti, in the statement shared by the company. “Looking ahead to the second quarter and beyond, we are excited about On’s global traction and cultural resonance as a head-to-toe sports brand. We will continue to focus on what sets us apart: the combination of performance and design with a constant thirst for innovation.” Following this solid start to the year, On has raised its sales forecast for 2025 and now expects minimum growth of 28 percent at constant exchange rates, equivalent to approximately 2.86 billion Swiss francs. The company also forecasts a gross margin of between 60.0 and 60.5 percent and an adjusted EBITDA margin of between 16.5 and 17.5 percent for the full year. However, the company warns that recent tensions in international trade policy could generate additional uncertainty in the form of higher customs and transport costs, which would affect its performance for the remainder of the year. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com
Swiss sportswear and footwear brand On had a strong start to 2025. Revenue continued to rise during the first quarter of 2025, driven by the strength of its direct-to-consumer channel and the positive reception of its latest collections. However, its net profitability was affected by various external financial factors, which moderated the final result for the period.
During the first three months of the year, the period ending March 31, 2025, On recorded net sales of 726.6 million Swiss francs, representing growth of 43 percent compared to the same period last year (508.2 million francs). This result was driven by a 45.3 percent increase in the direct-to-consumer channel and 41.5 percent growth in the wholesale channel. Sales increased significantly in all regions, with a 130.1 percent jump in Asia-Pacific.
Despite this strong commercial performance, net profit decreased by 38 percent to 56.7 million Swiss francs, compared to 91.4 million in the first quarter of 2024. The company attributes this decline mainly to the negative impact of the exchange rate and lower gains from exchange rate differences, which went from a positive 76.8 million francs to a loss of 14.5 million. The report also highlights that the increase in operating expenses contributed to the contraction in profit.
“The first quarter exceeded our expectations and reflects the strong momentum of our brand across all channels, regions and product categories,” said On co-founder and executive chairman, Caspar Coppetti, in the statement shared by the company. “Looking ahead to the second quarter and beyond, we are excited about On’s global traction and cultural resonance as a head-to-toe sports brand. We will continue to focus on what sets us apart: the combination of performance and design with a constant thirst for innovation.”
Following this solid start to the year, On has raised its sales forecast for 2025 and now expects minimum growth of 28 percent at constant exchange rates, equivalent to approximately 2.86 billion Swiss francs. The company also forecasts a gross margin of between 60.0 and 60.5 percent and an adjusted EBITDA margin of between 16.5 and 17.5 percent for the full year.
However, the company warns that recent tensions in international trade policy could generate additional uncertainty in the form of higher customs and transport costs, which would affect its performance for the remainder of the year.
FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@fashionunited.com
This article was translated to English using an AI tool.
