With record quarterly net sales of US $ 864.65 million as a result of its outstanding Q1 profitability, On Holding has increased its yearly guidance. The company has credited its direct-to-consumer momentum and wholesale demand for the 43 per cent growth in the Swiss running net sales from Q1 of last year, which was US $ 604.76 million.
According to the report, net sales rose 33.6 per cent to US $ 200.63 million in Europe, the Middle East, and Africa, 32.7 per cent to US $ 520.51 million in the Americas, and 130.1 per cent to US $ 143.51 million in Asia-Pacific. Clothing and accessories saw significant growth, while footwear’s net sales rose 40.5 per cent to US $ 810.27 million. Net sales of accessories rose 99.2 per cent to US $ 9.04 million, while net sales of apparel jumped 93.1 per cent to US $ 45.34 million.
The apparel collection is maintaining its remarkable increase in market share across all channels and geographies. Even though it achieved US $ 100 million in clothes sales last year, it is still a start-up. However, co-chief executive officer and chief financial officer Martin Hoffmann stated that this is the reason it’s such a significant opportunity.
According to him, the category does particularly well in the company’s retail locations, where it makes up about 20 per cent of total sales. He explained on the company’s conference call that the Newport Beach, California, store in particular stood out in the first quarter, having the most apparel share of any US store during that time.
Building on the two brands’ prior footwear line, On just revealed a new partnership with Loewe that is focused on the Cloudventure Loewe 2 sneaker. Additionally, the brand maintained its collaboration with Zendaya by releasing a sci-fi-inspired campaign in which the American actress wore On’s Studio Knit Bodysuit, crop tops, tights, jackets, T-shirts and shorts along with the Cloudzone lifestyle sneaker.
