Companies

Swiss sportswear company On delivers strong 2024 results

Mar 10, 2025 Switzerland

The Swiss-based sportswear company delivered a strong 2024 performance, with double-digit net sales growth across channels, regions and product segments

“We close this remarkable year with immense pride in all that we’ve accomplished. Exceeding CHF 2.3 billion in net sales and reaching a cash position close to CHF 1 billion are not just milestones but testaments to On’s continued strong momentum, all made possible through the incredible work of our team (…). All of the achievements and unique moments in 2024 give us an incredible amount of energy for 2025”, commented Martin Hoffmann, Co-CEO and CFO of On.

Full Year Results

The company reported net sales of 2.32 billion Swiss francs (2.43 billion euros) for the full year 2024, an increase of 29.4% (or 33.2% on a constant currency basis), as compared to the previous year. In the fourth quarter alone, net sales totalled 606.6 million Swiss francs (635.5 million euros), an increase of 35.7% (or 40.6% on a constant currency basis), as compared to the previous year.

From a channel perspective, on a comparable basis to 2023, On’s full year DTC sales contributed 942.8 million Swiss francs (987.8 million euros), up by 40.3% (or 44.6% on a constant currency basis) and full year wholesale sales contributed 1.38 billion Swiss francs (1.44 billion euros), up by 22.8% (or 26.3% on a constant currency basis).

Geographically, the company’s full year net sales in the EMEA region grew by 18.2% (or 19.9% on a constant currency basis) to 577.8 million Swiss francs (605.4 million euros), by 27.4% (or 31.2% on a constant currency basis) to 1.48 billion Swiss francs (1.55 billion euros) in the Americas region and by 84.5% (or 95.6% on a constant currency basis) to 260.2 million Swiss francs (272.6 million euros) in the Asia-Pacific region, on a comparable basis to 2023.

The shoe segment made the largest contribution to total sales with an increase of 28.5% (or 32.3% on a constant currency basis) to 2.20 Swiss francs (2.30 billion euros). The apparel segment, with net sales up by 46.7% (or 51.0% on a constant currency basis) to 101.0 million Swiss francs (105.8 million euros), and the accessories segment, with net sales up by 49.5% (or 54.3% on a constant currency basis) to 17.7 million Swiss francs (18.5 million euros), followed.

On’s gross profit increased by 31.7% to 1.41 billion Swiss francs (1.48 billion euros) in 2024, with the gross margin improving from 59.6% to 60.6%. Adjusted EBITDA for the full year increased by 40.4% to 387.6 million Swiss francs (406.1 million euros). Net income for the full year increased significantly by 204.5% to 242.3 million Swiss francs (253.9 million euros).

1 CHF = 1.05 EUR

Image Credit: designscene.net

Switzerland Companies On Quarter Results Results Sportswear Year Results