On Holding AG, the business entity behind the Swiss sportswear label On Running, is raising its sales expectations for the full year, as the athletic footwear purveyor continues to flourish alongside industry heavyweights like adidas and Nike, according to Bloomberg.
The Zurich-based company currently forecasts that sales will exceed CHF 2.29 billion Swiss francs ($2.6 billion USD) in 2024, which would be a 32% increase from last year on a currency-adjusted basis. The raised outlook comes as the brand reported a record revenue of CHF 635.8 million Swiss francs ($717.6 million USD) in the third quarter, up 32.3% from the year prior.
In the third quarter, the brand’s global brand awareness has surged thanks to its strong presence at the Paris Olympics, the success of On athletes, positive feedback for its LightSpray™ technology, and partnerships with top-tier talent, including Zendaya, who is launching a line of apparel with the company.
On Running’s shares doubled in value over the course of this year, while Nike’s shares fell 29% and adidas’ share grew 21% in the same period, per Bloomberg.
“Our commitment to innovation and excellence has allowed us to capture this demand and deliver outstanding performance, particularly in our DTC channel,” said co-CEO and CFO of On Running Martin Hoffman in a statement. “The resulting net sales and profitability ahead of our expectations puts us in a position to significantly increase our outlook for the full year 2024, and fuels our confidence as we head into the holiday season and continue to shape the future of sportswear.”
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