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Additionally, the Swiss shoe company, backed by tennis star Roger Federer, one of the fastest growing running brands in the world, is stepping up its push to leverage China’s booming health and fitness industry to promote further expansion towards the Asian powerhouse economy.
Known for its unique holes in the resilient “cloudtech” sole, the shoes have become a popular choice for both runners and leisure consumers, from tech entrepreneurs in Silicon Valley to trendsetters in trainer hotspots in Japan.
The company’s stock, which began in 2010, has nearly doubled since its listing in New York in 2021, offering a market capitalization of nearly $2 billion and confirming its status as a leading emerging brand that has captured market share from industry leaders Nike and Adidas.
Thanks to partnerships with Hollywood’s Starzendaya and luxury group Roue, the banks are now experiencing future growth in Asia, particularly in mainland China and Japan.
“Now China will soon be one of our top three markets. Our goal is to lead China to 10% of global net sales over the next two or three years,” co-director and chief financial officer Martin Hoffman told the Financial Times.
Last week, the company reported SFR120MN, which saw its first quarter net sales in Asia increase 130% year-on-year. Global net sales increased 40% to SFR726.6mn on a constant currency basis.
Shops are located in Xintiandi, a luxury shopping and entertainment district in Shanghai
It already exists in mainland China and is part of a wider boom in sports and leisure wear. The brand has its stores in Xintiandi, a luxury shopping and entertainment district in Shanghai. It is part of a cluster that also includes Lululemon, Descente, Salomon and nearby Hoka, and opened China’s largest new flagship store in April.
Growth in China for premium sportswear brands such as ON, which costs RMB1,190 ($165) is in conflict with the wider luxury recession that ranges from France’s LVMH to Swiss rival Richemont.
“We are clearly seeing that our customers are moving from luxury to premium segment.
The reopening of manufacturing in China in the Chinese market was also featured on the “roadmap” after moving the majority of its production to Vietnam and Indonesia.
Hoffman said tariffs imposed by the Trump administration put the company in uncertainty, but its latest results showed its “right trajectory.”
However, adidas, which reported double-digit sales growth in China last year, has expanded its store presence on the mainland, facing tough competition not only from emerging rivals but also from its domestic rivals.
Meanwhile, domestic brands such as ANTA Sports, Li-Ning and XTEP are gaining large market share and revenue as they take advantage of their domestic companies’ appeal. Anta, China’s largest sportswear group, reported better sales than expected in 2024 after benefiting from an approval agreement with US basketball star Kyrie Irving.
Hoffman said it was “very early” in China and focused on setting new standards for consumers.
“We offer a very unique product. We have a unique identity (a) Swiss brand. We hope this will be useful in our current environment,” he said.
