On reports record sales and eyes football expansion after Hyrox success

Swiss sportswear brand On has reported strong financial growth for the quarter ending 31 March 2023. The company also announced plans to expand into new sports, including football. This follows its recent entry into the Hyrox fitness competition scene. On saw sales rise by 14.5% to 831.9 million Swiss francs in the first quarter of 2023. This marks the first time the company has surpassed 800 million Swiss francs in quarterly sales. Adjusted profits climbed 75.3% to 123.6 million Swiss francs, while net income grew 82.2% to 103.3 million Swiss francs.

The brand has been expanding its presence in various sports. In 2020, it launched The Roger, a tennis-inspired sneaker developed with Roger Federer. Recently, On entered the Hyrox sport with the Cloud X Tempo Pro sneaker and signed athletes Alexander Roncevic and Ida Mathilde Steensgaard. Co-founder Olivier Bernhard confirmed the company is now evaluating opportunities in football.

The move comes as major rivals Adidas and Nike compete for consumer attention during the upcoming World Cup tournament. On’s financial performance shows significant growth in both sales and profits. The company’s expansion into new sports, including potential entry into football, signals its ambition to diversify. This follows its successful partnerships and product launches in recent years.