Swiss sportswear brand On reported robust performance for 2023, with sales surging 46.6% YoY to $1.97 billion (1.79 billion Swiss francs). The gross profit margin increased to 59.6%, and net profit grew by 37.9% to $87.56 million (79.60 million Swiss francs). Sales in Asia-Pacific surged 58 percent YoY. Despite these results, investors reacted with disappointment, causing On’s stock price to plummet 19% in early trading on Tuesday, though it later recovered.