Latest news with #Zurich-based
The Star
2 days ago
- Business
- The Star
Sneaker brand On lifts targets on demand
Outperforming estimates: Ben Shelton with the winners trophy after capturing the ATP tennis singles title in Toronto.. The American star is one of the high-profile players to sport both On apparel and footwear in competitions. — Reuters ZURICH: On Holding AG is lifting its sales and earnings forecasts for the year after an unexpectedly strong second quarter that saw buyers in Europe and Asia snap up the Swiss sneaker-maker's high-priced footwear. The Roger Federer-backed company now sees revenue growing at least 31% on a constant currency basis this financial year, above analyst estimates and three percentage points higher than the previous target. It translates to net sales of 2.91 billion Swiss francs (US$3.6bil) at current spot rates, On said. Zurich-based On has become one of the top performers in the sneaker world, expanding from its core running shoes to other areas like tennis, training and apparel. The brand has grown rapidly since its 2010 founding, eating into market share of bigger players, including Nike Inc and Puma SE. On's shares are up nearly 16% in the past 12 months in New York, outperforming rivals including, Adidas AG. The company expects its gross profit margin to reach a range of 60.5% to 61% for the year, slightly up from its previous target despite US trade tariffs weighing on the sneaker sector. On cited better-than-expected growth at its expanding network of company-owned stores and its eCommerce channels. 'The energy everywhere is so high,' chief executive officer Martin Hoffmann said in an interview. 'We are in a really strong position and the whole ecosystem is supporting our aspirations.' On expects to open another five to 10 stores later this year, including one in its home of Zurich, another in Palo Alto, California, and a couple of locations in South Korea, Hoffmann said. Second quarter sales rose more than analysts expected to 749 million Swiss francs, up 38% from a year ago in constant currency terms. The gross profit margin reached 61.5%, also better than analysts' estimates. On has the most expensive running shoes in the industry on average and began edging prices higher in the United States last month, especially on lifestyle products. That approach hasn't scared off consumers so far, with strong early demand for On's new highly cushioned Cloudsurfer Max model which came to market in July, according to Hoffmann. Revenue in the second quarter jumped 43% in Europe, the Middle East and Africa, and 101% in the Asia-Pacific region, significantly outperforming estimates. Growth of about 17% in the Americas was just shy of expectations. On's new store in Singapore generated some of the best opening-weekend business that the company has seen anywhere in the world, Hoffmann said. 'The demand there is so strong,' he said of the Asia-Pacific region. 'Much stronger than what we are willing to supply to the market.' — Bloomberg
Fashion Network
4 days ago
- Business
- Fashion Network
Swiss sneaker brand On lifts targets as Europe, Asia fuel demand
Home › News › Business Published August 12, 2025 Download Print Published August 12, 2025 On Holding AG lifted its sales and earnings forecasts for the year after an unexpectedly strong second quarter that saw buyers in Europe and Asia snap up the Swiss sneaker maker's high-priced footwear. Tennis player Roger Federer backs On - On The Roger Federer-backed company now sees revenue growing at least 31% on a constant currency basis this financial year, above analyst estimates and three percentage points higher than the previous target. It translates to net sales of 2.91 billion Swiss francs ($3.6 billion) at current spot rates, On said Tuesday. Zurich-based On has become one of the top performers in the sneaker world, expanding from its core running shoes to other areas like tennis, training and apparel. The brand has grown rapidly since its 2010 founding, eating into market share of bigger players including Nike Inc. and Puma SE. On's shares are up nearly 17% so far this year in New York, outperforming rivals including Adidas company expects its gross profit margin to reach a range of 60.5% to 61% for the year, slightly up from its previous target despite US trade tariffs weighing on the sneaker sector. On cited better-than-expected growth at its expanding network of company-owned stores and its e-commerce channels.'The energy everywhere is so high,' Chief Executive Officer Martin Hoffmann said in an interview. 'We are in a really strong position and the whole ecosystem is supporting our aspirations.' On expects to open another five to 10 stores later this year, including one in its home of Zurich, another in Palo Alto, California, and a couple of locations in South Korea, Hoffmann said. Second-quarter sales rose more than analysts expected to 749 million Swiss francs, up 38% from a year ago in constant currency terms. The gross profit margin reached 61.5%, also better than analysts' estimates. On has the most expensive running shoes in the industry on average and began edging prices higher in the US last month, especially on lifestyle products. That approach hasn't scared off consumers so far, with strong early demand for On's new highly cushioned Cloudsurfer Max model which came to market in July, according to Hoffmann. Revenue in the second quarter jumped 43% in Europe, the Middle East and Africa and 101% in the Asia-Pacific region, significantly outperforming estimates. Growth of about 17% in the Americas was just shy of new store in Singapore generated some of the best opening-weekend business that the company has seen anywhere in the world, Hoffmann said. 'The demand there is so strong,' he said of the Asia-Pacific region. 'Much stronger than what we are willing to supply to the market.' Copyright Bloomberg Tags : Fashion Footwear Sports Business
Fashion Network
4 days ago
- Business
- Fashion Network
Swiss sneaker brand On lifts targets as Europe, Asia fuel demand
Home › News › Business Published August 12, 2025 Download Print Published August 12, 2025 On Holding AG lifted its sales and earnings forecasts for the year after an unexpectedly strong second quarter that saw buyers in Europe and Asia snap up the Swiss sneaker maker's high-priced footwear. Tennis player Roger Federer backs On - On The Roger Federer-backed company now sees revenue growing at least 31% on a constant currency basis this financial year, above analyst estimates and three percentage points higher than the previous target. It translates to net sales of 2.91 billion Swiss francs ($3.6 billion) at current spot rates, On said Tuesday. Zurich-based On has become one of the top performers in the sneaker world, expanding from its core running shoes to other areas like tennis, training and apparel. The brand has grown rapidly since its 2010 founding, eating into market share of bigger players including Nike Inc. and Puma SE. On's shares are up nearly 17% so far this year in New York, outperforming rivals including Adidas company expects its gross profit margin to reach a range of 60.5% to 61% for the year, slightly up from its previous target despite US trade tariffs weighing on the sneaker sector. On cited better-than-expected growth at its expanding network of company-owned stores and its e-commerce channels.'The energy everywhere is so high,' Chief Executive Officer Martin Hoffmann said in an interview. 'We are in a really strong position and the whole ecosystem is supporting our aspirations.' On expects to open another five to 10 stores later this year, including one in its home of Zurich, another in Palo Alto, California, and a couple of locations in South Korea, Hoffmann said. Second-quarter sales rose more than analysts expected to 749 million Swiss francs, up 38% from a year ago in constant currency terms. The gross profit margin reached 61.5%, also better than analysts' estimates. On has the most expensive running shoes in the industry on average and began edging prices higher in the US last month, especially on lifestyle products. That approach hasn't scared off consumers so far, with strong early demand for On's new highly cushioned Cloudsurfer Max model which came to market in July, according to Hoffmann. Revenue in the second quarter jumped 43% in Europe, the Middle East and Africa and 101% in the Asia-Pacific region, significantly outperforming estimates. Growth of about 17% in the Americas was just shy of new store in Singapore generated some of the best opening-weekend business that the company has seen anywhere in the world, Hoffmann said. 'The demand there is so strong,' he said of the Asia-Pacific region. 'Much stronger than what we are willing to supply to the market.' Copyright Bloomberg Tags : Fashion Footwear Sports Business Fashion Jobs : PUMA ADIDAS
Fashion Network
4 days ago
- Business
- Fashion Network
Swiss sneaker brand On lifts targets as Europe, Asia fuel demand
On Holding AG lifted its sales and earnings forecasts for the year after an unexpectedly strong second quarter that saw buyers in Europe and Asia snap up the Swiss sneaker maker's high-priced footwear. The Roger Federer -backed company now sees revenue growing at least 31% on a constant currency basis this financial year, above analyst estimates and three percentage points higher than the previous target. It translates to net sales of 2.91 billion Swiss francs ($3.6 billion) at current spot rates, On said Tuesday. Zurich-based On has become one of the top performers in the sneaker world, expanding from its core running shoes to other areas like tennis, training and apparel. The brand has grown rapidly since its 2010 founding, eating into market share of bigger players including Nike Inc. and Puma SE. On's shares are up nearly 17% so far this year in New York, outperforming rivals including Adidas AG. The company expects its gross profit margin to reach a range of 60.5% to 61% for the year, slightly up from its previous target despite US trade tariffs weighing on the sneaker sector. On cited better-than-expected growth at its expanding network of company-owned stores and its e-commerce channels. 'The energy everywhere is so high,' Chief Executive Officer Martin Hoffmann said in an interview. 'We are in a really strong position and the whole ecosystem is supporting our aspirations.' On expects to open another five to 10 stores later this year, including one in its home of Zurich, another in Palo Alto, California, and a couple of locations in South Korea, Hoffmann said. Second-quarter sales rose more than analysts expected to 749 million Swiss francs, up 38% from a year ago in constant currency terms. The gross profit margin reached 61.5%, also better than analysts' estimates. On has the most expensive running shoes in the industry on average and began edging prices higher in the US last month, especially on lifestyle products. That approach hasn't scared off consumers so far, with strong early demand for On's new highly cushioned Cloudsurfer Max model which came to market in July, according to Hoffmann. Revenue in the second quarter jumped 43% in Europe, the Middle East and Africa and 101% in the Asia-Pacific region, significantly outperforming estimates. Growth of about 17% in the Americas was just shy of expectations. On's new store in Singapore generated some of the best opening-weekend business that the company has seen anywhere in the world, Hoffmann said. 'The demand there is so strong,' he said of the Asia-Pacific region. 'Much stronger than what we are willing to supply to the market.'
The Star
07-08-2025
- Business
- The Star
Roundup: U.S. tariffs place "substantial strain" on Switzerland's export-oriented economy
GENEVA, Aug. 7 (Xinhua) -- The U.S. tariffs place "a substantial strain" on Switzerland's export-oriented economy, the Swiss government said, vowing to continue negotiations with the U.S. to reduce the 39 percent additional tariffs imposed on the country, which came into force Thursday. The decision was made following the trip of a Swiss delegation to the United States from Tuesday to Wednesday, led by President Karin Keller-Sutter and Vice President Guy Parmelin, the Federal Council said in a statement. The 39 percent tariff rate, announced by U.S. President Donald Trump on July 31, was one of the highest globally and also higher than the 31 percent rate threatened by Trump in early April. Nearly 60 percent of Swiss exports to the U.S. are subject to the new tariffs, which are "particularly steep" compared with other U.S. trading partners such as the European Union and Britain, the statement said, adding that it is not considering tariff countermeasures for fear of "additional costs on the economy." According to Swiss customs data, the U.S. has been Switzerland's biggest export market since 2021, with Swiss exports to the United States accounted for 18.6 percent of the country's total exports in 2024. The U.S. also stood as the top market for major Swiss industries including chemicals and pharmaceuticals, watchmaking and precision instruments in 2024. The new tariffs have triggered backlash and concerns across the country. Zurich-based Swissmem, an association for Switzerland's mechanical and electrical engineering (MEM) industries, said on Thursday that the "horror scenario" has become a reality, calling for urgent measures from the government. It noted that if the tariffs remain in place, Swiss tech exports to the U.S. will be brought to a standstill. In an earlier statement, it also said the tariffs will hit the economy hard and endanger tens of thousands of jobs in the country. Meanwhile, other industry organizations have slammed the U.S. tariffs as "dangerous" and "unjustified." Economiesuisse, an umbrella organization for the Swiss business sector, said that there is "neither justification nor any understandable reason" why Switzerland should be subject to one of the highest tariff rates in the world. The tariffs represent a "very serious burden" for Swiss export businesses, it noted. The Swiss government has earlier expressed "great regret" that the U.S. intends to impose unilateral additional tariffs despite the progress made in bilateral talks. It noted that the tariff rate announced by Trump differs "significantly" from the draft joint statement approved by the Swiss authorities on July 4 following talks over the past months.
