Swiss sportswear brand On Holdings reported a 32% YoY sales increase in the second quarter of 2025, reaching 1.48 billion Swiss francs ($1.68 billion) and beating market expectations. Direct-to-consumer revenue surged 47.2% to account for 41.1% of total sales, while wholesale revenue rose 23.1% to 441 million Swiss francs ($500 million). The Asia-Pacific region delivered standout results with sales more than doubling to 119.2 million Swiss francs ($135 million), up 101.3%. The company operates 54 stores worldwide and plans to add five to six more this year. Despite a 40.9 million Swiss franc ($46 million) net loss from currency effects, On raised its full-year sales forecast to at least 2.91 billion Swiss francs ($3.3 billion).