Swiss-based activewear label On is set to further expand its footprint in China as part of its three-year financial targets, the company disclosed at its Investor Day.
The expansion plan will focus on growth drivers, including China where the company expects to account for 10 per cent of the overall net sales. The brand says it aims to double its expected full-year 2023 turnover to at least CHF 3.55 billion (US$3.8 billion) by the next three years, increasing its adjusted EBITDA margin to 18 per cent.
The company expects to reach CHF1.76 billion (US$1.9 billion) in net sales this year with at least 58.5 per cent gross profit margin and 15 per cent adjusted EBITDA margin.
“The 2026 targets announced today continue to be above the long-term ambitions shared at the time of the IPO,” said Martin Hoffmann, co-CEO and CFO. “We view them as an intermediate step in out ambition to build a much bigger company in the future.”
Earlier this year, the brand expanded its footprint into Southeast Asia, opening its first store on Singapore’s Orchard Road. On made its IPO debut on NYSE in September 2021. Besides its website, the Zurich-headquartered brand has a presence in more than 60 countries.
“We are staying true to our core, with controlled expansion into adjacencies, to continue on our path towards the vision to be the most premium global sportswear brand,” said Marc Maurer, ceo-CEO at On.
