On, the Zurich-based running sneaker brand reported net sales of CHF 508.2 million ($560.9 million) for the quarter ended March 31, up 21 percent year-over-year.
The bulk of this growth was driven by the expansion of its direct-to-consumer business, which generated revenue of CHF 190.5 million, up 39 percent compared to the same period in 2023. Meanwhile, net income increased by 106 percent to CHF 91.4 million ($100.1 million), up from CHF 44.4 million.
The brand’s shares were up over 14 percent in early trading Tuesday.
On’s first quarter — its most successful in terms of revenue recorded — comes as the company plots the next phases of its ongoing expansion into categories beyond running, trail and tennis footwear.
In March, it launched its tennis apparel category, and the following month it announced a partnership with British singer FKA Twigs, who will oversee the design and marketing of the company’s new training apparel and footwear vertical.
For the full year, the company reaffirmed its expectations for net sales to reach “at least” CHF 2.25 billion ($2.48 billion), a 30 percent increase from its annual revenue of CHF 1.79 billion in 2023.
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Sneaker Brand On to Launch New Line With FKA Twigs
The British musician will collaborate with the Swiss company on a collection of training apparel and footwear, and will serve as the face of the first collection to be released in August.
