At the running shoe brand On, supported by Swiss tennis star Roger Federer ONON There are signs that Christmas business will be stronger than expected. This made the board more confident about sales in 2024, as the company listed on the New York Stock Exchange announced on Tuesday. On is now targeting sales of at least 2.29 billion francs instead of 2.26 billion. “The strong momentum really allows us to focus on the full price,” ON boss Martin Hoffmann told Reuters. The sneaker and sportswear manufacturer doesn’t need any discounts during the Christmas season to empty its warehouses.
Just before the holiday season, On also responded to increasing demand for footwear and clothing by expanding its own stores and opening flagship stores in New York, Melbourne and Milan.
In the third quarter, sales jumped by 32.3 percent to 635.8 million francs, exceeding analysts’ estimate of 617.3 million. Retailers such as Nordstrom and Dick’s Sporting Goods are also offering On sports shoes in their stores, helping the Zurich company increase wholesale sales by 23.2 percent to 389.1 million francs. However, in the course of the expansion, sales and administration costs, which rose by 36 percent to 312.7 million francs, reduced the result. Net profit collapsed to 30.5 (previous year: 58.7) million francs. One of the most prominent shareholders at On is Federer, who joined the company before the IPO and designed his own line of sports shoes. However, it is not known how high the 20-time winner’s participation in Grand Slam tournaments is.
Similar to On, Adidas reported 
ADS strong quarterly sales due to growing interest in its retro-style Samba and Gazelle shoes with the Three Stripes. Meanwhile, US rival Nike was able to 
OF was less convincing to its customers and had to withdraw its annual forecasts.
