On, the Zurich-based operating sneaker model reported internet gross sales of CHF 508.2 million ($560.9 million) for the quarter ended March 31, up 21 % year-over-year.

The majority of this progress was pushed by the enlargement of its direct-to-consumer enterprise, which generated income of CHF 190.5 million, up 39 % in comparison with the identical interval in 2023. In the meantime, internet earnings elevated by 106 % to CHF 91.4 million ($100.1 million), up from CHF 44.4 million.

The model’s shares have been up over 14 % in early buying and selling Tuesday.

On’s first quarter — its most profitable when it comes to income recorded — comes as the corporate plots the following phases of its ongoing enlargement into classes past operating, path and tennis footwear.

In March, it launched its tennis attire class, and the next month it introduced a partnership with British singer FKA Twigs, who will oversee the design and advertising of the corporate’s new coaching attire and footwear vertical.

For the complete yr, the corporate reaffirmed its expectations for internet gross sales to succeed in “no less than” CHF 2.25 billion ($2.48 billion), a 30 % improve from its annual income of CHF 1.79 billion in 2023.

Study extra:

Sneaker Model On to Launch New Line With FKA Twigs

The British musician will collaborate with the Swiss firm on a set of coaching attire and footwear, and can function the face of the primary assortment to be launched in August.

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