The Swiss running brand On, has changed top executives twice in one year.
On Tuesday, the Zurich-based sports brand reported another quarter of double-digit increases in both net income and sales in the first quarter, which it attributed to its “premium strategy” and “broad-based demand.
”, where sales rose 45.1 percent in the period. The Asia-Pacific region, led by China and South Korea, was also strong with sales increasing 44.4 percent. That region now accounts for more than 20 percent of the company’s overall volume.
Puma CEO Says Company Is Off to a 'Very Solid Start' in 2026 as Stock Ticks Up on Turnaround Progress For the period ended March 31, net income increased 82.2 percent to 103.3 million Swiss francs from 56.7 million Swiss francs in the prior-year period, while adjusted profits advanced 75.3 percent to 123.6 million Swiss francs. Sales increased 14.5 percent sales gain to 831.9 million Swiss francs.
This marks the first time On has exceeded 800 million Swiss francs in quarterly sales. Although some analysts have expressed concerns about the company’s wholesale strategy as well as the fact that it changed chief executive officers twice in one year, the numbers should help allay those fears.
Martin Hoffmann, who had been with On for 12 years and served as CEO or co-CEO for over five years, exited the company on May 1 and was succeeded by cofounders Caspar Coppetti and David Allemann. Hoffmann also served as chief financial officer, a position now assumed by Frank Sluis.
Allemann told WWD that as a founder who has been with the company for all of its 16 years, he doesn’t see any dramatic change as a result of his new role. He also dismissed the analyst concerns about an impending softening in business on the horizon.
“We delivered a very strong quarter and I don’t see any slowdown,” he said, pointing to strength in all categories and regions. “Wholesale is very strong and allows us to acquire a lot of new consumers and in new communities as well. And we also see incredible growth across geographies. ” Case in point: net sales through direct-to-consumer channels increased 164 percent to 322.3 million francs while wholesale sales rose 13 percent to 509.6 million.
The company said itscontinues to show “positive development in key metrics,” and it will open stores shortly in Stockholm, São Paulo and Sydney, as well as in San Francisco. By region, sales in Europe, the Middle East and Africa rose 22.8 percent to 207.1 million francs, while sales in the Americans increased 3.1 percent to 450.7 million francs.
Allemann said while the increase in the Americas was lower than in other regions, he remains happy with the performance, noting that the brand’s awareness in the U.S. crossed 30 percent in the quarter, “which is really an important milestone. But it also shows how much space remains. ” He added that he still sees “meaningful runway in every channel. Even with our largest partners, we are only present in around half of the doors with major key accounts.
So we can continue to expand reach while remaining very, very selective. And then, of course, our own retail channel is an important opportunity. The opening of the Boston store has been very encouraging, and we are excited about premium locations such as San Francisco and São Paulo coming online later in the year. So really, Americas is a region with strong underlying brand momentum and large white space.
”Allemann said apparel, albeit still a small part of the overall business, has grown to become “a very meaningful category for us,” one that “provides a new entry point for consumers. ” He said the company has seen strong response to both its technical pieces as well as the more lifestyle offerings such as the collections with brand ambassador Zendaya, who starred in a popular “storytelling” film created by Spike Jonze earlier this year.
What that proved, he said, is that “people are willing to invest in their identity with premium apparel. ”overall, Coppetti said: “Q1 was an outstanding start to the year and another strong proof point of our premium strategy in action. On is becoming more global, more multidimensional and more deeply rooted in different communities around the world.
As David and I step into our new roles as co-CEOs, we do so with strong commitment to the continuity of our strategy, values and entrepreneurial spirit that have defined On over the past 16 years. I also want to express our heartfelt gratitude to our dear friend and partner Martin. His leadership helped build the financial strength, operational rigor and clarity that have brought us to this moment.
As we continue to scale from this very strong foundation, we believe the next chapter of On can be even stronger as we continue to Dream On. ” In his final statement before his departure, Hoffmann said: “These results show the quality of On’s growth and the strength of the financial foundation we have built.
Since our IPO nearly five years ago, we have more than quadrupled our net sales, strengthened our premium positioning and built a financial profile that reflects the incredible ambition of the brand. The results we present today — highlighted by record net sales and a gross profit margin of 64.2 percent — demonstrates our unique ability to scale rapidly while expanding our profitability.
” The company reiterated its full-year 2026 guidance and continues to project net sales growth of at least 23 percent with DTC, the APAC region and apparel expected to “outperform. ” Full-year gross profit margins are expected to be at least 64.5 percent despite “additional headwinds from tariffs,” it said, with adjusted EBITDA in the range of 19.5 to 20 percent.. We use vendors that may also process your information to help provide our services.
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