On aims to double its sales by 2026

On has announced in a press release that it is aiming to double its sales over the next three years to 2026. The Zurich-based producer of sports shoes and clothing is expecting net sales of 1.76 billion francs and a gross profit margin of at least 58.5 per cent for the fiscal year ending December 31, 2023. It has announced its intention to achieve the following financial objective: doubling of net sales to at least 3.55 billion francs between 2023 and 2026.

On intends to achieve a gross profit margin of over 60 per cent and an adjusted EBITDA margin of over 18 per cent in 2026. It has also named three strategic growth pillars: elevate the current core business; expand additional growth drivers such as China; and establish new building blocks.

“We are extremely proud and pleased with how we have been able to successfully deliver on our mission and growth strategies over the past two years,” says Co-CEO Marc Maurer. He adds that On, which was founded in 2010, wants to be the “the most premium global sportswear brand”.

“We have an exciting product pipeline that includes running, training, and tennis footwear and apparel. Additionally, we believe there are huge opportunities to increase brand awareness and to expand through our multi-channel approach,” says Co-CEO and CFO Martin Hoffmann.

The company says its long-term goals are to achieve an apparel share of over 10 per cent, an own retail share of over 10 per cent, and a China share of over 10 per cent in relation to its overall net sales. It also expects to grow net sales by 20 to 25 per cent per year and achieve an adjusted EBITDA margin of over 20 per cent. ce/gba