Fashion
Switzerland’s On reports robust Q3 with net sales reaching $1 bn
Channel-wise, DTC revenue increased 27.6 per cent to CHF 314.7 million, while wholesale rose 23.3 per cent to CHF 479.6 million. All regions contributed, with Europe, Middle East and Africa (EMEA) up 28.6 per cent, the Americas up 10.3 per cent, and Asia-Pacific surging 94.2 per cent. Shoes grew 21.1 per cent, apparel increased 86.9 per cent, and accessories jumped 145.3 per cent.
The profitability strengthened sharply, with gross profit up 35.5 per cent to CHF 522.2 million and gross margin expanding to 65.7 per cent. Net income soared 289.8 per cent to CHF 118.9 million, lifting net margin to 15 per cent, while adjusted EBITDA rose 49.8 per cent to CHF 179.9 million, On said in a press release.
Swiss sportswear company On Holdings has posted strong Q3 and 9M results, with Q3 net sales up 24.9 per cent to CHF 794.4 million (~$1 billion) and sharp gains across DTC, wholesale, and all regions.
Profitability improved, with gross margin at 65.7 per cent and net income up nearly threefold.
For 9M 2025, sales rose 32.6 per cent, supported by strong growth in footwear, apparel, and accessories.
“Our focus on excellence continues to drive powerful global momentum, earning deep trust with consumers and strengthening the core of our business. With an outstanding product pipeline and boosted by the remarkable achievements of On’s athletes that embody our performance spirit, we carry this momentum forward with confidence and energy,” said Caspar Coppetti, co-founder and executive co-chairman of On.
“Our consistent execution continues to bring our strategy to life—winning in performance, elevating our brand, and engaging our expanding global community in credible and consistent ways. We’re strengthening our connection with customers through experiences that showcase our premium positioning – from our most elevated stores to the growing momentum of our apparel business,” said Martin Hoffmann, CEO and CFO of On.
“At the core, our focus on operational excellence and technology is making us faster, smarter, and more agile. These results give us strong confidence—both for a successful holiday season and for the long term, as we continue building the world’s most premium global sportswear brand,” added Hoffmann.
For the nine-month (9M) period, On delivered sustained top-line strength with net sales rising 32.6 per cent to CHF 2,270.2 million (~$2.86 billion), or 37.3 per cent on a constant currency basis. DTC revenue increased 39.2 per cent to CHF 899.9 million, while wholesale climbed 28.7 per cent to CHF 1,370.3 million.
EMEA grew 34.7 per cent, the Americas 19.2 per cent, and Asia-Pacific 106.6 per cent. Shoes rose 29.8 per cent to CHF 2,117.1 million, apparel increased 82.6 per cent, and accessories expanded 127.4 per cent.
The gross profit grew 37.8 per cent to CHF 1,418.3 million, with gross margin improving to 62.5 per cent. Net income, however, decreased 11.9 per cent to CHF 134.6 million, reflecting higher investments and normalised comparisons, while adjusted EBITDA rose 51.2 per cent to CHF 436 million. Cash and cash equivalents stood at CHF 961.8 million, up 4.1 per cent, and net working capital increased 13.4 per cent to CHF 565.8 million.
Looking ahead, the company has raised its full-year guidance, citing continued momentum and a strong product pipeline. It now expects net sales growth of 34 per cent on a constant currency basis, gross margin of around 62.5 per cent, and an adjusted EBITDA margin above 18 per cent.
Fibre2Fashion News Desk (SG)
This momentum aligns with a broader shift in global fashion, where sustainability is driving renewed demand for Merino wool across premium, performance, and everyday apparel.
Known for its softness, breathability, and biodegradability, the fibre is increasingly favoured for its natural, traceable, and ethically sourced qualities, particularly among Gen Z and millennial consumers.
The benefit will apply at the same rate and under the same terms as those afforded to the main readymade garment manufacturer, a circular from the central bank said.
The new directive is effective immediately for products that are shipped or vessel-loaded from the date the current circular was issued.
Bangladesh Bank recently allowed export incentives or cash assistance for garment and textile firms whose products are manufactured and exported through sub-contractors.
The benefit will apply at the same rate and under the same terms as those afforded to the main manufacturer.
The directive is effective immediately for products that are shipped or vessel-loaded from the date the circular was issued.
Cash assistance earlier was generally offered to producer-exporter entities based on the net free on board (FOB) value of readymade garments or textile goods produced within their own factories.
Subcontractor companies must adhere to specific conditions to avail of these benefits. They must possess their own operational factory, according to domestic media reports.
Sub-contracting processes must strictly follow two specific regulatory documents—the sub-contracting guideline for the readymade garment industry introduced in 2019 and the rules for direct export-oriented garment establishments (temporary import under warehouse system, warehouse management and procedures) introduced in 2024.
Fibre2Fashion News Desk (DS)
For the first half of FY26, total income reached ₹830.5 crore (~$93.66 million), a rise of 14.7 per cent compared with ₹724.93 crore in H1 FY25. PAT for the period stood at ₹19.86 crore (~$2.24 million), recording a 64.5 per cent YoY increase, underscoring the company’s continued operational strength and improved profitability.
Vishal Fabrics Limited has reported strong Q2 FY26 results, with total income rising 12.6 per cent to ₹433.31 crore and PAT surging 64.6 per cent to ₹10.7 crore (~$1.21 million).
H1 FY26 income reached ₹830.5 crore (~$93.66 million) and PAT ₹19.86 crore (~$2.24 million), both showing robust YoY growth.
CFO highlighted gains from an improved product mix, and operational efficiency.
“The strategic initiatives we have been implementing over the past several quarters and the ongoing strength of our business fundamentals are reflected in our financial performance. Revenue has been increasing steadily, helped by greater product mix and increased operational efficiency, both of which have increased margins,” said Dharmesh Dattani, CFO of Vishal Fabrics Limited.
“The quarter also reflects how well-positioned we are in both export and domestic markets. Newer regions are showing good traction, especially in Latin America, Europe, and Africa, as shoppers from around the world turn more and more to India for high-quality, sustainable denim products,” added Dattani. “Our continued emphasis on energy efficiency, process optimization, and value-added product innovation is yielding positive results.”
Fibre2Fashion News Desk (SG)
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