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)
The company previously projected up to $160 million in pre-tax restructuring and related charges. After a further internal review, Under Armour’s board has approved an additional $95 million in actions, taking the total estimated charges to as much as $255 million. The new measures include the separation of the Curry Brand, further contract terminations, incremental asset impairments, and additional employee severance and benefits costs. Most of the financial benefits of these steps are expected to be realised in future periods.
Under Armour has expanded its FY25 restructuring plan, raising total expected charges to up to $255 million and increasing its FY26 adjusted operating income outlook to $95–110 million.
The measures include separating the Curry Brand and asset impairments.
The company had already incurred $147 million by September 2025 and now expects a FY26 GAAP operating loss of $56–71 million.
Under Armour estimated that its total global basketball business, including the Curry Brand, will generate between $100 million and $120 million in revenue in fiscal 2026. The company does not expect the separation of the Curry Brand to materially affect its consolidated financial performance or profitability, Under Armour said in a press release.
The expanded plan comprises up to $107 million in cash-related charges—about $34 million tied to employee severance and benefits, and $73 million linked to various transformational initiatives. Non-cash charges may reach up to $148 million, including $7 million in employee-related costs and $141 million attributed to contract terminations, facilities, software, and other asset impairments.
As of September 30, 2025, Under Armour had incurred approximately $147 million in restructuring-related charges, including $82 million in cash costs and $65 million in non-cash charges. The restructuring programme is expected to be substantially completed by the end of fiscal 2026.
Alongside the restructuring expansion, the company has revised its fiscal 2026 guidance. It now anticipates a GAAP operating loss of between $56 million and $71 million, compared with the earlier expectation of operating income between $19 million and $34 million. Adjusted operating income is now forecast at $95 million to $110 million, up from the previous range of $90 million to $105 million. All other outlook components remain unchanged.
According to the company’s reconciliation, the adjusted outlook reflects the addition of $166 million in restructuring-related charges under the fiscal 2025 plan, aligning with its updated operational strategy for the year ending March 31, 2026, added the release.
Fibre2Fashion News Desk (SG)
Published
November 17, 2025
Stockholm-based Our Legacy has opened the doors to a new Work Shop with a debut for it in London’s Soho, at 6 Smiths’ Court.
It’s just down the road from the Our Legacy main brand’s existing Silver Place address and is something of a big deal given that the only other standalone Work Shop store apart from London is the Stockholm flagship.
That said, the Our Legacy brand also has other stores globally, as well as concessions, and only last month boosted its presence in France with the opening of two permanent concessions at Printemps Haussmann, one for women and the other for men.
The new London Work Shop celebrates over 10 years for the brand in the city and comes as the Work Shop concept approaches its own 10-year anniversary in 2026.
The company said the concept has “evolved into a cult phenomenon, collaborating with brands such as Stüssy, Converse, and Emporio Armani, and fellow Scandinavians like Artek, Magniberg and Rörstrand”.
And it added that as a “creative engine within Our Legacy, the Work Shop label functions at its core as a circular retail platform, a collaborative vessel, and an atelier”.
Building on those principles, the new London store “merges history and craftsmanship with an experimental practice – creating an ever-evolving space where in-house artisans upcycle, recycle, and handcraft pieces in-store, developing deadstock fabrics and samples into unique, one-of-a-kind pieces”.
The space also carries archival and reference garments alongside its own Work Shop drops.
The Smiths’ Court building itself is a historic late 18th century one and has been transformed from what was once a horse stable and later a hub for blacksmiths, cabinet makers, and leatherworkers. The interior was designed in collaboration with architects Arrhov Frick and developed by Profan. It preserves the building’s character with arched ceilings, exposed beams, and cast-iron pillars, “while introducing a contemporary feel through the stainless steel furniture, movable fixtures, and natural materials”.
A long-time collaborator of the brand, Akane Moriyama, has also added the silk curtains that “bring a contrasting softness to the industrial setting”.
Copyright © 2025 FashionNetwork.com All rights reserved.
Published
November 17, 2025
Montirex, the UK sports brand based in the Northwest of England has its sights set on the US market and its products are now available there exclusively through JD Sports.
JD is stocking the brand’s signature Trail collection and MTX Run City New York range in the JD Sports Times Square store.
It debuted there late last week, “marking a landmark moment for the brand as it accelerates into new markets”.
The move came ahead of the weekend’s UFC 322 fight, taking place in New York City, where Montirex ambassador Leon Edwards took centre stage in his comeback bout at Madison Square Garden (unfortunately, he lost).
To celebrate the occasion, Montirex had released a short film “following Edwards’ journey back to the cage, narrated by rising Birmingham rapper T.Roadz – paying homage to Leon’s roots and relentless drive”.
The brand also made an impact by unveiling its first-ever US billboard in Times Square ahead of the fight.
Regardless of how Edwards did, the move into the North America market is a key one for the business and comes after sustained growth since the company’s launch in 2019.
The company said it will continue to target making waves in the US into the New Year through its line-up of athlete ambassadors, including English boxer Dalton Smith during his world title challenge in New York on 19 January. Both Smith’s and Edwards’ fights follow English boxer Giorgio Visoli’s recent success during his US debut in Philadelphia last month.
Founded by best friends Daniel Yuen and Kieran Riddell-Austin in Liverpool, Montirex has gown very fast and the company opened its first physical store a little over a year ago.
Yuen said that expanding into the US “is a huge moment for us. The past few years have been a whirlwind of determination and hard work, and we continue to be humbled by the success we’ve had within the UK market. With our sights firmly set on sustained momentum and growth for Montirex, now feels like the perfect time to take the brand across the pond and show the US market what we have to offer.”
Copyright © 2025 FashionNetwork.com All rights reserved.
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