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.
On
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”.
On Saturday March 1, 16 years after opening at 111 boulevard Beaumarchais in the Parisian district of Haut-Marais, pioneering concept store Merci has inaugurated a second address in the French capital, at 19 rue de Richelieu.
The new Merci concept store in Paris – Instagram/@merciparis
The new store, labelled Merci2, occupies the premises of a former post office, and adopts the same winning formula of the first Merci store, offering a mix of fashion, home decoration, lifestyle products and gourmet food.
Merci2 is located a stone’s throw from the Louvre Museum, and benefits from the growing footfall in that section of rue de Richelieu. The Rivedroit Paris and La Bonne Brosse brands have recently opened stores nearby.
Merci was created in March 2009 by Bernard and Marie-France Cohen, founders of premium childrenswear brand Bonpoint. In 2013, Merci was sold to HGD, the family holding company of the Gerbi family, founder of the Gérard Darel brand.
Italian premium leather accessories brand Zanellato has appointed Francesca D’Ecclesia as global sales director, a key step in the brand’s international expansion strategy. Zanellato currently generates 80% of its revenue on the domestic market.
Francesca D’Ecclesia is Zanellato’s new global sales director
D’Ecclesia’s mission will be to spearhead Zanellato’s strategic initiatives aimed at strengthening the brand’s global market presence. She will work to promote innovation and the brand’s expansion in both new and well-established regions, with a special focus on its international sales and retail distribution efforts.
“We are happy to welcome Francesca D’Ecclesia at Zanellato. Her strong motivation and strategy-oriented approach are crucial elements for further strengthening our leadership in the international fashion sector,” said Franco Zanellato, the brand’s founder and creative director.
Prior to joining Zanellato, D’Ecclesia served as global sales director at Trussardi, and has worked as wholesale manager for top-notch labels like Calvin Klein, Moncler and Alexander McQueen, contributing to their success and worldwide expansion.
Leave it to Maria Grazia Chiuri, Dior, Virginia Woolf, and Robert Wilson to create the most mesmerizing show—or rather, performance—of the international runway season so far.
A dramatic start with sculptural outerwear and lace detailing. – Photo Credits: Godfrey Deeny
For the Fall/Winter 2025 collection, Chiuri transformed a custom-built modernist theater in the Tuileries into a stage where fashion met literature. She seamlessly blended the historical flourishes of Virginia Woolf’s tumultuous novel “Orlando” with elements of Dior’s DNA, drawing inspiration from Gianfranco Ferré and John Galliano. The result was a bold and beautiful collection—one of her best for Dior.
Chiuri structured the show like a five-act play, opening with a somber tone as the cast walked at an almost funereal pace, dressed in short courtier’s jackets, britches, elongated redingotes, and curvy sheaths. Every look featured lace detailing—from the tailoring to the knee socks and shoes.
A dramatic black coat with an oversized fur collar set the tone for Chiuri’s theatrical vision. – Photo Credits: Godfrey Deeny
In a pre-show briefing, Maria Grazia Chiuri explained that her point of reference was Gianfranco Ferré precisely because he was the first Dior designer who had not worked with Monsieur Dior.
“Ferré is very likely less celebrated because he worked at a time when fashion communication was very different. Galliano arrived at an explosion of interest in fashion, so maybe Ferré’s time was less appreciated,” opined Chiuri.
Hence, she riffed on Ferré’s famous white shirt, using mannish versions in a gender-free expression, in sync with “Orlando,” where the protagonist poet changes sex from man to woman, living through several centuries of English literary history.
She then reinterpreted Ferré’s famed corsets into a striking new hybrid jacket that will be admired by many and copied by lesser talents. Whatever else can be said about Chiuri’s seven-year tenure at Dior, she has undeniably made the brand one of the most replicated in fashion. And, as in life, imitation remains the highest form of flattery.
As the show unfolded, the clothes began with a distinctly masculine edge, like a perfectly cut Grenadier Guards red jacket, designed to be worn with the collar up and paired with a “Gianfranco Chiuri” white ruffled shirt. Or a superb officer’s black jacket, completed with frogging and worn with one of a score of mini gilet corsets.
A Grenadier Guards red jacket with a ruffled white shirt and precise tailoring. – Photo Credits: Godfrey Deeny
Then came frilly, ruffled bloomers, capes, frocks, and trains. There were also some striking new hipster-historical versions of the trench coat or parka that somehow managed to combine hints of John Galliano’s love of the Renaissance and Baroque—other signifiers in the house of Dior, which holds the biggest concentration of DNA in fashion.
A sculptural frock added a modern twist to Dior’s historical influences. – Photo Credits: Godfrey Deeny
The show rose to a crescendo when the entire cast stood inside Robert Wilson’s theater. Maria Grazia Chiuri took her bow, waving toward the section where CEO Delphine Arnault sat smiling.
“I have to say, I am very honored to work with Bob Wilson. In my view, it is easier for a designer to create clothes for cinema or theater than for a great director to work on a catwalk show. Another reason I was so impressed by Bob’s ideas,” she said.
Back in 1996, Robert Wilson created a single-act theatrical production of “Orlando,” which premiered at the Edinburgh Festival with Miranda Richardson in the title role. Although the novel “Orlando” has six sections, it ends with Orlando’s sea captain husband zooming over her head in an airplane. A stray bird then appears as Orlando cries out, “It’s a goose! The wild goose!”
An image Wilson evokes with a flapping bird rolling above the coiffed audience in the Tuileries, gliding over the steeply stacked stalls designed like a university auditorium—as if the fashionistas were medical students gathered to study the dissection of a cadaver, Chiuri explained, adding, “Fashion is, at its base, a performance. And it makes everything more stimulating to present a diva in a new light. The key idea about fashion is that it gives you the chance to work with other creative disciplines. It’s stimulating for both sides.”
With speculation growing that this may be Maria Grazia Chiuri’s final Dior collection to be staged in Paris, some see “Orlando” as a fitting metaphor for her time at the house. She has brilliantly mined the brand’s archives, DNA, and multiple designers, even as she reinvented them all with a feminist slant.
A grand finale celebrating Chiuri’s theatrical and historical vision for Dior. – Photo Credits: Godfrey Deeny
When asked about the comparison, Chiuri’s coal-rimmed eyes twinkled. “Oh, I don’t think designers make great critics. Each one focuses on their own work—designers, photographers, writers, or artists. But if that is your opinion… I prefer to see fashion as an expression of our time, where the changes in fashion also express the passage of time.”