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On Holding Posts Record Q1 Sales and Lifts 2025 Growth Outlook

The Swiss sportswear brand reported a 43% sales increase, raised its full-year forecast to 28% growth, and outlined strategies to address upcoming U.S. tariffs.

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Shoes by ON (Run on Clouds), a shoemaker backed by Swiss tennis player Roger Federer, are pictured in the Swiss Sport Style shop ahead of the Initial Public Offering (IPO), in Lausanne, Switzerland, September 14, 2021. REUTERS/Denis Balibouse/File photo

Overview

  • On Holding achieved record Q1 2025 net sales of 726.6 million Swiss francs, a 43% year-over-year increase driven by strong direct-to-consumer and wholesale growth.
  • The company raised its full-year 2025 sales growth forecast to at least 28%, up from 27%, citing robust demand and operational execution.
  • Net income for Q1 fell by 38% to 56.7 million Swiss francs, reflecting higher costs and tariff-related uncertainties.
  • In response to potential U.S. tariffs on Vietnam-sourced products, On plans selective price adjustments in the U.S. and is exploring supply chain diversification.
  • Apparel sales surged 93.1% in Q1, with standout campaigns featuring Zendaya and FKA Twigs, as the brand continues to expand its product categories and global retail presence.