Sneaker brand On would rather slow down than sacrifice profit margins

Sports shoe brand On posted lower-than-expected revenue in the second quarter. Growth slowed particularly in the Americas. However, the Swiss challenger to Nike and Adidas refuses to ramp up production and is, on the contrary, raising its margin forecast.

Cooling US market

In the second quarter, On reported revenue of 850.3 million Swiss francs (910.4 million euros), up 13.5% from a year earlier. At constant exchange rates, growth was 21.6%. Analysts, however, had expected 878.2 million Swiss francs (approximately 940.2 million euros).