Fashion
On runs in Europe, sprints in Asia
Published
November 19, 2025
On has found a new playing field in Asia. In the third quarter of 2025, when its sales rose by nearly 25% year on year (35% at constant exchange rates) to net revenue of 794 million Swiss francs (860 million euros), sales in the Asia-Pacific region surged. They reached 145 million Swiss francs for the quarter, an increase of 109% at constant exchange rates, more than doubling to account for almost 20% of the Swiss sports brand’s total revenue.
In a conversation with financial analysts, the company noted that the opening of the Ginza flagship in Tokyo showcased the strength of this strategy, generating the highest monthly sales in the brand’s global network. For the group, scaling up in the region is strategic.
“Japan set the tone, but the Asia-Pacific region has shown the scale of what’s possible,” explained Martin Hoffmann, the company’s chief executive and chief financial officer.
“We’re connecting with a new generation of younger, deeply design-conscious customers, proving the worldwide appetite for On’s premium, performance-led approach. What was once a new frontier has become a major engine for the brand.”
The brand is expanding into new markets and recently opened its first two stores in South Korea, in Seoul at The Hyundai Seoul department store and at Lotte World Mall Jamsil. It also intends to build momentum in Greater China.
This points to a rapid rebalancing between the company’s regions worldwide. In the quarter, the Americas remained the brand’s largest market, with 436 million Swiss francs, up 10.3% (21% at constant exchange rates). The Europe-Middle East-Africa (EMEA) region generated 213 million Swiss francs, an increase of 29% (+33.0% at constant exchange rates).
“Europe, the Middle East and Africa delivered an exceptional quarter… We are seeing incredible demand in the UK, which has firmly established itself as one of our largest global markets, tremendous momentum in newer markets such as France and Italy, and a sustained re-acceleration of growth in the German-speaking region,” the chief executive told analysts.
He also highlighted the significant contribution of the Champs-Élysées store in Paris to the brand’s appeal. The brand will apply the same strategy in Spain, with the opening this weekend of a flagship store in Madrid, on Calle Serrano.
Direct sales rose sharply to 315 million Swiss francs, up 28% on the same period a year earlier. The wholesale channel posted sales of 480 million Swiss francs, up 23%. Above all, On’s management emphasises its strategy of positioning On in the premium segment of the sports-lifestyle market. Despite an inflationary environment, price increases in the key U.S. market have not dented demand. According to management, this validates the brand’s pricing power. Meanwhile, the company posted a record gross margin of 65.7% for the quarter, up 510 basis points year on year.
Another important takeaway for the Swiss brand is that it no longer relies solely on its footwear range, which is regularly refreshed with new models. By product category, third-quarter footwear sales totalled 731 million Swiss francs, up 21.1% (+30.4% at constant exchange rates). Apparel generated 50 million Swiss francs, up 87% (+100.2% at constant exchange rates), and accessories 13.0 million Swiss francs, up 145% (+160.8%).
Granted, apparel still represents a small share of On’s performance. But the outlook is encouraging for its chief executive: “We are not building apparel as a complement to our footwear business, but as a business within the business, serving the same communities, but with a unique product offering and customer experience. The result is that apparel generates high-value incremental growth across all our channels.” It remains to be seen whether collaborations with Zendaya or Burna Boy will boost its lifestyle sales.
Net income came to 119 million Swiss francs, up 290% year on year, for a net margin of 15% versus 4.8%. For the first nine months of the year, sales reached 2.270 billion Swiss francs, compared with 1.712 billion a year earlier, an increase of 33% (+37% at constant exchange rates). Net income declined to 135 million Swiss francs (compared with 153 million in 2024), while adjusted EBITDA reached 436 million Swiss francs (+51%) for a margin of 19% (compared with 17%).
On has raised its forecasts for 2025: constant-currency sales growth is now expected to increase by 34%, corresponding to revenue of around 2.98 billion Swiss francs. Gross margin is now targeted at “around 62.5%” and adjusted EBITDA margin above 18%.
It should be noted that the decline in net income over nine months is a reminder that growth is also accompanied by challenges related to currency effects, logistics costs and strategic investments.
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China will step up building a higher-level China-Vietnam community with a shared future that carries strategic significance, Chinese President Xi Jinping said while holding talks with visiting Vietnamese President To Lam.
China and Vietnam are accelerating efforts to navigate bilateral trade towards a more balanced and sustainable course.
President Xi Jinping recently held talks with visiting Vietnamese President To Lam.
During the visit, Vietnamese Minister of Industry and Trade Le Manh Hung called for a restructuring of production, trade and supply chains alongside stronger investment cooperation.
Xi said both countries should work together in their modernisation drive, accelerate the alignment of development strategies and prioritise infrastructure connectivity.
While meeting Chinese Minister of Commerce Wang Wentao during the state visit, Vietnamese Minister of Industry and Trade Le Manh Hung called for a restructuring of production, trade and supply chains alongside stronger investment cooperation.
Wang said both sides should focus on implementing the high-level common perceptions, including raising bilateral trade turnover to $500 billion in future.
Hung urged China to expand imports of Vietnamese goods, broaden the list of products eligible for tariff preferences and further open its market. He also called for the mutual recognition of quarantine results for agro-forestry-fishery products, facilitation of Vietnamese exports via cross-border e-commerce, and expansion of Vietnam’s trade promotion offices across Chinese localities, according to a Vietnamese news agency.
China will continue to support Vietnam in setting up additional trade promotion offices, following those already established in Chongqing, Hangzhou and Haikou, Wang responded.
China also expressed readiness to support Vietnam’s stronger exports through cross-border e-commerce, encouraging greater visibility of the Vietnam National Pavilion on Chinese e-commerce platforms beyond JD.com to better promote Vietnamese products to Chinese consumers.
China has consistently been Vietnam’s largest trading partner and second-largest export market, while Vietnam continues to be China’s biggest trading partner in the Association of Southeast Asian Nations (ASEAN).
Fibre2Fashion News Desk (DS)
British actors Simone Ashley and Tom Blyth star alongside models Alva Claire, Babacar N’Doye and Sacha Quenby and a cast of synchronised swimmers and divers.
Burberry’s High Summer 2026 campaign captures Britain’s nostalgic lido culture through a sunlit film featuring Simone Ashley and Tom Blyth.
Blending heritage check with pastel tones, the collection spans swimwear, relaxed tailoring, raffia bags and lightweight layers, evoking effortless, poolside summer style.
Directed by Francis Plummer, the campaign reflects a warm, communal British summer mood.
The campaign film is directed by Francis Plummer and shot by photographer Ryan McGinley. The cameras move from loungers to diving boards, catching mid-air dives and friends stretched out in the hazy afternoon light. Before long, the best spots by the pool are claimed with a Burberry towel. Summer has begun. The film is underscored by the TONE remix of ‘Beating’ by Tirzah.
‘A lido holds a particular kind of nostalgia for the British. The moment the sun comes out, we make the most of the weather. We wanted to bring to life a warm summer’s day spent in and around the water’s edge with friends.’ said Daniel Lee Chief Creative Officer, Burberry.
Key styles
The High Summer 2026 collection features the Burberry Check in heritage-inspired sand beige and pastel shades of aubergine purple and cornflower blue.
The iconic Burberry Check bikini is the beach essential, alongside matching swimsuits and men’s swim shorts trimmed with check.
Poolside separates include tops, skirts and shirts cut from cotton voile, plus cover-up dresses woven with a tonal Burberry Check and deckchair-inspired stripes. Ruffled trims and ties at the neckline capture the floaty, effortless feel of the collection. Festival
tank tops in ribbed cotton jersey are trimmed with check straps, while looks are wrapped in lightweight wool silk scarves.
For men, collared shirts and shorts are tailored to relaxed lines and finished with fresh interpretations of the Burberry Check, from textural weaves to intricate embroidered designs. The co-ord set is crafted from lightweight cotton poplin printed with a playful seahorse pattern in honeysuckle pink.
The classic cotton piqué polo shirt comes in a spectrum of vivid and neutral colours. Burberry Check is subtly placed at the placket and trims the collar of T-shirts in soft cotton jersey.
Lightweight hooded jackets are ideal for cooler evenings and unexpected showers, the new-season designs woven in aubergine purple and cornflower blue check.
In shoes, the new Knight Runner sneakers offer a streamlined, low-profile shape for summer. Sandals are elevated in the form of the whipstitched leather Baez and check-trimmed suede Urchin styles, while Burberry Check slides and Pavilion sandals are made for the beach.
Lightweight Margate bags are handcrafted in Madagascar from locally sourced raffia palm leaves, dyed in signature sand beige Burberry Check. Accessories include crocheted bucket hats and wraparound sunglasses, designed to shield from the sun.
Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged.
Fibre2Fashion News Desk (JP)
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