Read on FashionNetwork.comOn Running's Asian Expansion Drives 25% Revenue Growth in Q3 2025
Swiss sportswear brand On Running reported impressive third-quarter 2025 results, with revenue increasing by nearly 25% year-over-year to 794 million Swiss francs. The company's strategic expansion in Asia-Pacific proved particularly successful, with sales in the region more than doubling to 145 million Swiss francs. This growth represents a 109% increase at constant exchange rates, positioning Asia as a major growth engine accounting for nearly 20% of total revenue.
Swiss performance sportswear brand On Running has demonstrated remarkable growth momentum in the third quarter of 2025, reporting a nearly 25% year-over-year revenue increase to 794 million Swiss francs (860 million euros). The company's strategic focus on Asian markets has yielded exceptional results, with sales in the Asia-Pacific region more than doubling and establishing the region as a significant contributor to the brand's global success.
Asian Market Breakthrough
The Asia-Pacific region emerged as the standout performer in On's Q3 2025 results, with sales reaching 145 million Swiss francs – a staggering 109% increase at constant exchange rates. This explosive growth has positioned Asia as a crucial market, now accounting for almost 20% of the brand's total revenue. According to company executives, the opening of the Ginza flagship store in Tokyo has been particularly successful, generating the highest monthly sales across On's entire global retail network.
Global Regional Performance
While Asia showed the most dramatic growth, On maintained strong performance across all major regions. The Americas remained the brand's largest market, generating 436 million Swiss francs in revenue with a 10.3% increase (21% at constant exchange rates). The Europe-Middle East-Africa (EMEA) region delivered 213 million Swiss francs in sales, representing a 29% increase. Company leadership highlighted exceptional demand in the UK, which has established itself as one of On's largest global markets, along with strong momentum in newer markets like France and Italy.
Strategic Expansion and Market Positioning
On's growth strategy focuses on premium positioning within the sports-lifestyle market. The company has successfully expanded into new Asian markets, recently opening its first two stores in South Korea at The Hyundai Seoul department store and Lotte World Mall Jamsil. According to Martin Hoffmann, the company's chief executive and chief financial officer, the brand is connecting with "a new generation of younger, deeply design-conscious customers" in the region, proving the worldwide appetite for On's premium, performance-led approach.
Financial Performance and Outlook
The strong Q3 performance has prompted On to raise its full-year 2025 forecasts. The company now expects constant-currency sales growth of approximately 34%, corresponding to revenue of around 2.98 billion Swiss francs. The brand also achieved a record gross margin of 65.7% for the quarter, up 510 basis points year-on-year, demonstrating the strength of its premium positioning and pricing power even in an inflationary environment.
On Running's successful expansion into Asian markets, combined with sustained growth in established regions, positions the brand for continued success in the global sportswear market. The company's ability to more than double its Asian sales while maintaining premium positioning underscores the effectiveness of its strategic approach and the strong global appeal of its performance-focused products.
