On’s apparel business is still small compared to its footwear engine. But in the first quarter of 2026, it became the clearest signal of where the Swiss sportswear brand wants to go next. On reported record first-quarter earnings on Tuesday, with revenue up 14.5% year over year to 831.9 million Swiss francs ($1.02 billion), marking the first time the company has crossed CHF 800 million in quarterly sales. Constant-currency growth was 26.4%. Net income rose 82.2% to 103.3 million Swiss francs ($127 million), while gross profit margin expanded to 64.2%, up from 59.9% a year earlier, despite tariff pressure. Dollar conversions are approximate, based on 1 Swiss franc at $1.23. The quarter also marked a leadership handoff. Martin Hoffmann, who had been with On for 13 years and had served as CEO or co-CEO for more than five years, stepped down on May 1. He had also been serving as CFO, a role now held by Frank Sluis. David Allemann, On’s co-founder and new co-CEO, framed the change as a founder-led continuation rather than a strategic reset, saying Hoffmann had “decided to step out” after a long tenure helping scale the company. Continue reading this article on glossy.co. Sign up for Glossy newsletters to get the latest on the business of beauty, fashion and pop culture.
