Swiss footwear brand, On Holding AG has announced a year of exceptional growth in 2024, surpassing its own financial forecasts. The company has also released optimistic projections for the current fiscal year, fueled by robust sales and increased profitability.
On’s 2024 sales reached approximately US $ 2.60 billion, a 29.4 per cent increase over the previous year, or a 33.2 per cent rise when adjusted for currency fluctuations. The DTC channel was a major driver, with sales jumping 40.3 per cent (44.6 per cent currency-adjusted) to approximately US $ 1.05 billion. Wholesale revenues also saw a significant increase, rising 22.8 per cent (26.3 per cent currency-adjusted) to nearly US $ 1.54 billion.
The Asia-Pacific region recorded the most explosive growth, with sales soaring by 84.5 per cent (95.6 per cent currency-adjusted) to approximately US $ 291.4 million. The Americas saw a 27.4 per cent increase (31.2 per cent currency-adjusted) to approximately US $ 1.66 billion, while the EMEA region experienced 18.2 per cent growth (19.9 per cent currency-adjusted), reaching approximately US $ 647.1 million. The net profit more than tripled, reaching approximately US $ 271.4 million, compared to approximately US $ 89.1 million in the previous year.
The company’s strong performance was further underscored by a stellar fourth quarter, with sales surging 35.7 per cent (40.6 per cent currency-adjusted) to approximately US $ 680.4 million. Net profit for the quarter was approximately US $ 100.2 million, a significant turnaround from the approximately US $ 30.0 million loss reported in the same period of the previous year.
Based on the “exceptional” results of 2024, On’s management is forecasting continued strong growth in 2025. The company anticipates a currency-adjusted sales increase of at least 27 per cent, exceeding approximately US $ 3.29 billion. The adjusted EBITDA margin is expected to improve from 16.7 per cent in 2024 to between 17.0 and 17.5 per cent.
