On November 13th, On Holdings, the parent company of Swiss sports brand Angpao, announced its financial report for the third quarter of 2024. The group's revenue in the third quarter increased by 32.3% to 640 million Swiss francs, a 33% increase at fixed exchange rates. However, due to the increase in the cost of large-scale store openings, profits fell by 48% to 30.5 million Swiss francs, and gross profit margin increased by 70 basis points to 60.6%, setting a record high for the group since its listing.
According to market segmentation, the revenue of the Asia Pacific market where China is located increased by 79.3% to 74.6 million Swiss francs, making it the fastest-growing market. The revenue of the US market increased by 34.5% to 400 million Swiss francs, and the EMEA market increased by 15.2% to 170 million Swiss francs.
By category, shoe revenue increased by 32% to 600 million Swiss francs, clothing revenue increased by 33% to 26.8 million Swiss francs, and accessory revenue increased by 54% to 5.3 million Swiss francs. Based on strong performance this quarter, On Holdings has raised its full year revenue forecast to a 32% increase, expected to reach 2.29 billion Swiss francs, with a gross profit margin of 60.5%.