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On Holding Raises 2025 Guidance After 32% Q2 Revenue Gain

High-margin direct-to-consumer sales drove margin expansion to 61.5% with the company also preparing for U.S. tariff increases.

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Courtesy of On
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Overview

  • On Holding reported CHF 749.2 million in second-quarter revenue, a 32% year-over-year increase.
  • Direct-to-consumer sales climbed 47.2% to CHF 308.3 million, representing 41.1% of total revenue and underpinning higher profitability.
  • The company lifted its full-year net sales forecast to CHF 2.91 billion, targeting at least 31% constant-currency growth.
  • Management has built incremental U.S. tariffs on Vietnamese and Indonesian imports into its outlook and plans to offset the impact through pricing, product mix and operational efficiencies.
  • On plans to launch a Zendaya co-created apparel collection in September and to open 5–10 additional stores this year to broaden its direct retail footprint.