On Holding posts record Q1 sales, raises profit margin outlook amid strong Asia growth and apparel gains

On Holding AG reported record first-quarter sales of 831.9 million CHF, a 14.5% increase, driven by strong demand in Asia-Pacific and growth in apparel and accessories. The Asia-Pacific region grew 44.4%, now representing over 20% of sales, while gross profit margin improved to 64.2%. The company raised its full-year profitability outlook and expects at least 23% sales growth in 2026. However, On faces challenges in North America as Nike intensifies competition in wholesale channels, and apparel remains a tough market to penetrate despite being a key growth area.