Swiss running shoe company On goes public in New York

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He earns on the IPO with: On-Investor Roger Federer.

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David Allemann, co-founder of the Swiss sports shoe brand On

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On is headquartered in Zurich.

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When you enter the headquarters, the first thing you see is the shoes.

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One goes public. Now it’s fixed. After the rumors have intensified in the last week, it is now clear: The Swiss sports shoe brand is definitely going public. Namely on the US stock exchange.

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In this context, On had to make figures on sales and profit for the first time. Accordingly, the running shoe brand is growing strongly, but the bottom line is a loss. 27.5 million francs was the minus in the pandemic year 2020 – with sales of just over 425 million francs.

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The loss is due, among other things, to rapid growth. And the pandemic. Two years ago, On was still in the black. In 2019 it was a mini profit before taxes. In 2020 the numbers were finally red. The annual growth in sales: 66 percent.

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Thanks to Roger Federer: Shoe company On prepares billions for an IPO(01:32)

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Half a billion within reach

And On keeps the pace high. In the first six months of the current year, the company has already made over 315 million francs in sales. Projected over the year, it should easily break the half-billion-franc mark.

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The company is also writing in black again. The loss from the previous year has turned into a profit. More precisely: 3.8 million francs. That’s after taxes and depreciation. The adjusted operating profit (adjusted EBITDA) is CHF 47.3 million.

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The company, founded in 2010, now employs 883 people, around half of them in Switzerland. In this country innovation, design, development and all testing are done. The production takes place mainly in Vietnam and China, some products are made in Europe. On also made the Olympic clothing for the Swiss delegation to the Tokyo Games.

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Main market USA

But Switzerland is also one of the most important sales markets. Sales in the home market: 52 million francs in 2020 alone. That means: Switzerland is responsible for every eighth franc that ends up in the company’s coffers. At least still. Because other markets are growing massively, especially the USA.

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On started in the USA in 2013. As early as 2020, sales in the United States totaled over 200 million francs. And the zenith is far from being reached. The growth curve continues to point steeply upwards. In the first six months of the current year, On has already made CHF 157 million in sales in the USA!

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