On Holding's Q4 2024: Contradictions in Brand Strategy, Apparel Growth, and Americas Expansion

These are the key contradictions discussed in On Holding's latest 2024 Q4 earnings call, specifically including: Brand Awareness and Marketing Strategy, Apparel Growth and Strategy, and Americas Growth:



Revenue and Growth:
- On Holdings AG reported net sales of CHF2.32 billion for the full year 2024, with a constant currency growth rate of over 33%.
- The company exceeded its expectations in both top-line growth and profitability, driven by strong brand positioning and strategic product offerings.

Premium Brand and Apparel Expansion:
- On's apparel sales reached over CHF100 million, contributing to a significant increase in their apparel share.
- This growth is attributed to elevated apparel collections, strategic partnerships, and the expansion of On's retail presence in major city centers, which has enhanced brand visibility and consumer engagement.

Running and Apparel Sales Performance:
- The top three running franchises, Cloudmonster, Cloudsurfer, and Cloudrunner, experienced growth between 60% and 140% during 2024.
- Growth in the running segment was driven by new product introductions, strategic partnerships, and increased demand from younger customers.

Retail Expansion and Market Penetration:
- On opened 19 new retail stores in iconic locations during 2024, contributing to a retail space of over 10,000 square meters.
- This expansion strategy, particularly in Europe and Asia, has enhanced brand presence, driven by a focus on premium retail experiences and market penetration through global events and partnerships.