On Are Running Up Americas Sales in H1 2023
Courtesy of ON
Swiss running brand have reported very positive with one stand out factor: exponential growth in the Americas region. Other brands, including and , have reported difficulty gaining traction in this market with PUMA reporting a 2.7 per cent decrease and ASICS showing an increase of 17.4 per cent but low margin profits at only 0.9 per cent. In contrast, On reported a whopping 73.6 per cent increase in the Americas region for net sales in H1 2023 compared to H1 2022.
Success in the US has been attributed to investment in products, brand experiences and sponsorship of elite athletes, one of which is Iga Świątek. Martin Hoffmann, Co-CEO and CFO of On, said, ‘We saw Iga Świątek take the victory at the French Open at Roland Garros in early June – we are so proud to have kicked off On’s presence on the grand slam courts with such an incredible and emotional debut.’
Hoffmann also wrote, ‘The strength of the On brand and continued exceptional growth is visible across channels, regions and products’, which is backed up by the numbers. Their net sales increased 63.9 per cent to $981 million compared to the same time last year, and shoes were their obvious bestseller, with 96 per cent share of On’s net sales and a 64.7 per cent increase compared to last year.