.on_running Co-CEO Martin Hoffmann told WWD the brand was “here for the long term.”
Sales for the three months increased 50.4 percent to 328 million Swiss francs, or about $348 million. That included slightly slower gains in direct-to-consumer sales, which rose 40.7 percent to 106.6 million Swiss francs.
On started with running shoes, but has branched out recently with apparel, which Hoffmann said was still a “small category for us” but one with potential. The firm has a handful of flagships — with outposts in New York, Tokyo, Zurich and Los Angeles — and 12 stores in China. On — which is based in Zurich, but went public in New York 14 months ago — has seen its shares lose some ground as the market weakened over the past year. Its stock closed up 2.7 percent to $20.16 on Tuesday, below its $24 initial public offering price. And while that’s still a long way off from Nike Inc. and its $167 billion valuation, in comparison with most of its consumer IPO cohort last year — On is still flying high. .
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