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.
On Holding lifted its sales and earnings forecasts 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 at current spot rates, On said Tuesday.
