Swiss Shoemaker 'On' Races Past CHF3 Billion in Annual Sales

Zurich's own On has officially vaulted into the retail stratosphere. In a staggering display of commercial velocity, the Swiss shoemaker has smashed through the CHF 3 billion revenue barrier for the first time in its history. Celebrating its 15th anniversary, On reported a massive 30% surge in sales, closing the books at CHF 3.01 billion. This isn't just growth; it is an acceleration that defies the gravity of a sluggish global retail environment.

At constant exchange rates, the picture is even more dramatic, with growth clocking in at 36%. What started as a niche running brand has metamorphosed into a global juggernaut, listed on the New York Stock Exchange and backed by tennis legend Roger Federer. The message from Zurich is loud and clear: On is no longer just competing with the giants; it is outpacing them. This milestone cements On's status not just as a Swiss success story, but as a dominant force in the global athletic wear hierarchy.

While the Americas remain the fortress of On’s empire, generating a colossal CHF 1.74 billion, the real story of the year is the explosive velocity in the East. Sales in the Asia-Pacific region have nearly doubled, rocketing to CHF 511 million. This dynamic shift signals a critical evolution in the brand's global footprint, proving that the Swiss 'Cloud' technology translates fluently across borders.

The EMEA region (Europe, Middle East, and Africa) is refusing to be left in the dust, posting a robust 32% increase to reach CHF 763 million. However, the sheer ferocity of the Asian market expansion suggests a strategic pivot. On is successfully tapping into the burgeoning demand for premium lifestyle and performance gear in markets that were once dominated by American and German incumbents. The brand is no longer just a Western phenomenon; it is becoming a global obsession.

Footwear may be the foundation, accounting for a massive CHF 2.8 billion of total sales, but On’s apparel division is the dark horse sprinting toward the finish line. The clothing segment witnessed a blistering 68% growth rate, while accessories skyrocketed by an eye-watering 124%. Although these segments currently represent a smaller slice of the revenue pie—CHF 170 million and CHF 40 million respectively—their trajectory is undeniable.

Crucially, On is getting smarter about how it sells. The company credits its improved profitability to a ruthless 'premium strategy.' By slashing discounts and funneling customers through its own direct-to-consumer channels (online and flagship stores), On is keeping a larger share of every franc spent. This disciplined approach drove the adjusted EBITDA margin up from 16.7% to a healthy 18.8%, proving that the brand can scale volume without sacrificing its premium allure.