Swiss-based activewear label On is set to further expand its footprint in China as part of its three-year financial targets, the company disclosed at its Investor Day.
The expansion plan will focus on growth drivers, including China where the company expects to account for 10 per cent of the overall net sales. The brand says it aims to double its expected full-year 2023 turnover to at least US$3.8bn by the next three years, increasing its adjusted EBITDA margin to 18 per cent.
The company expects to reach US$1.9bn in net sales this year with at least 58.5 per cent gross profit margin and 15 per cent adjusted EBITDA margin.
“The 2026 targets announced today continue to be above the long-term ambitions shared at the time of the IPO,” said Martin Hoffmann, Co-CEO and CFO. “We view them as an intermediate step in our ambition to build a much bigger company in the future.”
