From the e-paper NZZ from March 13, 2024: The shoe manufacturer On is having a good run

The shoe manufacturer On is having a good run

Significant increase in sales and profits as well as a reduction in the controversial million-dollar salaries of the management

Thomas Fuster

Hardly any other company polarizes the Swiss public like the running shoe company On. Fans of the sports shoes rave about the comfort and are attracted to the marketing, which focuses on innovation and Swiss roots. Critics question the Swissness, especially since the high-priced shoes have long been manufactured for low wages in Vietnam, while the management of the listed company treats itself to high salaries in the millions.

If you put your emotions aside for once and look soberly at the numbers, the matter is clear: the sports brand, which was born in Zurich in 2010 and in which Roger Federer has also held a stake since 2019, is a fast-growing and profitable company. This was also evident in 2023. The results predicted a year ago were exceeded, the brand has gained awareness and market share, and money is no longer only made with shoes, but also with clothing.

After the company broke the billion-dollar sales mark for the first time in 2022, sales rose by a further 47 percent to 1.79 billion francs in 2023. The strengthening franc caused a headwind; At a constant exchange rate, this would have resulted in an increase of 55 percent. 95 percent of the turnover is explained by the sale of shoes. However, rising from a low level, sales of clothing also increased by 44 percent to 69 million francs.

From the e-paper NZZ from March 13, 2024