On Holding reported its Q4 and full-year results on Tuesday and the numbers showed that the company — which is backed by tennis star Roger Federer — continues to grow fast.

It beat its own guidance across all metrics. Net sales rose 29.4% reported and 33.2% constant currency (CC) to CHF 2.318 billion (€2.4bn/£2bn/$2.6bn). 

The gross profit margin was 60.6% with adjusted EBITDA up 40% to CHF 387.6 million and net income up 204.5% to CHF 242.3 million. The adjusted EBITDA margin was 16.7%. 

The company said the results “underscore On’s ability to drive continued strong growth alongside increasing profitability and significant cash flow generation”.

In Q4 alone, the business accelerated as fast as it hopes runners will when wearing its shoes. Net sales rose 35.7% reported and 40.6% CC to CHF606.6 million. 

Net sales in EMEA, the Americas and Asia-Pacific increased by 33.1%, 33.9%, and a stunning 124.6%, respectively, on a CC basis, while net sales for shoes increased by 33.6% to CHF568.8 million, for apparel by 77.5% to CHF32.6 million and for accessories by 80% to CHF5.2 million.

Adjusted EBITDA increased 38.3% to CHF99.4 million and Q4 net income increased 434.6% to CHF89.5 million from a CHF26.8 million loss in the previous fourth quarter.

It said the strong performance was supported by its “ability to convert on the rapid rise in brand awareness across the globe. The significant brand momentum drove strong traffic to On’s e-commerce channel and global retail stores (of which there are now almost 50), resulting in a record high DTC share of 48.8% of net sales in the fourth quarter”.

And driven by the significant DTC share expansion and strong full-price demand throughout the holiday season, On reached a record-breaking gross profit margin of 62.1% in Q4, the highest in the company’s public history. 

The year’s and quarter’s results were also helped by it achieving “several significant milestones” in 2024, including the unveiling of its innovative LightSpray technology and surpassing CHF100 million in apparel net sales.

It expects “continued strong growth and profitability expansion in 2025” and for the full year is forecasting CC growth of at least 27%, translating to net sales of at least CHF 2.94 billion at current exchange rates. The gross profit margin should be around 60.5% with an adjusted EBITDA margin in the range of 17%-17.5%.

As it celebrates its 15th anniversary and enters the second year of its Dream On 2026 strategy, it said it “aims to build on its broad-based momentum. Supported by an exciting product pipeline, On intends to continue creating memorable brand experiences on the world’s biggest stages and further establish its position as the brand of choice for the customer seeking the unique combination of performance, design and sustainability”.

Bags label Kipling has hosted its first-ever event in London, which it said “sets the stage for an exciting new chapter for the brand in the UK”.

The event — at Village Underground in Shoreditch — late last week was staged to support the unveiling of its latest collection, G.rilla Girlz, “while celebrating its most iconic designs”. 

As part of a 360-degree marketing activation, the event brought together influencers, content creators, industry leaders and press for an immersive experience in support of a collection that’s described as “fresh and outgoing… designed for the now. It’s not just about bags, it’s a whole vibe. Iconic styles are reimagined with bold colours and smooth recycled satin, designed for the trendsetters who aren’t afraid to make a statement – unapologetically Kipling”.

It added that the G.rilla Girlz offer “was designed to match a unique vibe for every woman, making these bags the perfect companions for all lifestyles. The Kipling monkey played a starring role, reinforcing the brand’s core values of playfulness, creativity, and self-expression”.

The company said Village Underground “was carefully chosen to reflect the brand’s bold and playful energy, featuring a striking set-up that blended fur, metallic textures, and dynamic lighting, all paying homage to Kipling’s signature monkey mascot”.

Beyond the event, it has launched a two-week out-of-home campaign, featuring fly-postering across key locations in London, Belgium and Spain. 

The highlight was a giant inflatable of Kipling’s signature monkey at King’s Cross Station last week. To celebrate, “Kipling invited fans to join the moment, with a few lucky winners receiving an invitation to the exclusive event”.

There was also a social media takeover to “showcase Kipling’s versatile bags in everyday moments, led by top influencers and creators”. 

Away from the London event, the brand’s key retail partners in other markets, including Inno (Belgium), El Corte Inglés (Spain) and Galleria (Germany), also activated in-store displays featuring furry installations, “bringing the campaign to life in a tactile, engaging way”.