On reported a 66.6% year-over-year increase in second-quarter revenue to a record $307.4 million, while net income increased from $14.9 million to $51.7 million.
The company — backed by Roger Federer — saw global revenue spikes, with wholesale net sales growing 70.1% and direct-to-consumer sales increasing 60.8%.
- Net sales in North America ballooned 102.5% to $191.5 million.
- In Europe, revenue increased 17.5% to $87.8 million.
- Revenue in Asia-Pacific grew 52.2% to $18.9 million.
Revenue for shoes increased 68.2% to $295.7 million, apparel jumped 31.3% to $9.7 million, and accessories hiked 51.9% to $1.9 million.
On’s success extends beyond financials. Dominic Lokinyomo Lobalu was outfitted with On Cloudspikes when he won the men’s 3,000-meter race, taking his first Diamond League victory.
“In the past few weeks, On athletes have shown incredible performances, leading to not only our first Diamond League victory, but also our first Commonwealth Games and World Championship medals,” Caspar Coppetti, co-founder and executive co-chairman, said.
In June, the company signed four NCAA athletes and Olympic marathon runner Nicolas Navarro to its roster.
Looking On
In July, On entered an agreement with FC Basel as the club’s new shoe partner and announced a new sports bra line. The company has also delivered its first fully recyclable, subscription-based running shoe to “early subscribers” of its Cyclon program.
On raised its revenue outlook and now expects net sales of at least $1.2 billion for FY2022.
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