Shares of On Holding AG (ONON), the Swiss performance sportswear company, soared 5.14% on Wednesday, March 5, 2025, following the release of its impressive fourth-quarter and full-year 2024 financial results. The company's strong performance and ambitious growth plans have fueled investor confidence, driving the stock's surge.

On Holding AG reported record net sales of CHF 2.32 billion for the full year 2024, representing a remarkable 33.2% constant currency growth rate. This remarkable growth was driven by the company's strategic initiatives across various regions, with Asia-Pacific (APAC) leading the charge, recording an astonishing 124.6% constant currency growth in the fourth quarter.

The company's profitability also soared, with a gross profit margin of 60.6% and an adjusted EBITDA margin of 16.7%, exceeding expectations. These strong margins reflect On Holding AG's premium brand positioning and its commitment to delivering high-quality, innovative products.

A key driver of On Holding AG's success has been its expansion into the direct-to-consumer (D2C) channel. In 2024, the company opened 19 new retail stores in iconic locations worldwide, including Champs-Élysées in Paris, Vittorio Emanuele in Milan, Rush Street in Chicago, and the Emporium in Melbourne. This strategic move has not only boosted sales but also strengthened the brand's presence and recognition in these key markets.

Furthermore, On Holding AG's apparel business achieved a significant milestone, crossing $100 million in sales for the first time. The company aims to increase apparel's contribution to 10% of its total revenue in the mid-term, leveraging its expanding retail footprint and partnerships with influential figures like Roger Federer, Zendaya, and FKA twigs.