On's UK revenue climbs 33% to £179.1m as apparel outpaces footwear

On's UK business grew revenue 33% to £179.1 million in the year ended 31 December 2025, up from £134.6 million, according to accounts filed with Companies House on 3 November.

The Swiss sportswear company attributed the growth to its ongoing expansion strategy and rising brand awareness in the UK market. The numbers confirm the UK as one of On's most productive European territories.

Where is the growth coming from?

Apparel is the fastest-moving category. Net sales from apparel rose 56% to £18.3 million, outpacing footwear, which grew 30% to £157.8 million compared with 2024. Footwear still carries roughly 88% of UK turnover.

Profitability improved sharply at the operating level. Operating profit rose to £5.3 million from £1.3 million in the prior period. Net profit dipped slightly, to £3.18 million from £3.24 million year on year.

Employment tracked the top-line expansion. UK headcount increased from 131 in 2024 to 184 in 2025, a rise of 53 roles.

How is the retail footprint changing?

On now operates four stores in London. The network includes the Regent Street flagship, plus locations in Spitalfields, Battersea Power Station and 29 Brompton Road in Kensington. Globally, the brand runs 60 stores across the Americas, Europe and Asia.

The Brompton Road opening came with a clear statement of channel intent. Bianca Pestalozzi-Houchangnia, General Manager EMEA of On, said: "On's brand momentum in the UK is, and London stands as the city with our largest digital fan-base across Europe."

What are the group targets behind the UK push?

On did not disclose UK-specific sales targets. But its group growth plan, set out at an investor day in Zurich in September, targets high-teens compound annual net sales growth at constant currencies through 2029. The company expects net sales of at least CHF5.6 billion (£5.1 billion) by 2029 and an adjusted EBITDA margin of at least 22%.

In September, On also left unchanged its 2026 forecast of sales growth in the low-20% range on a constant-currency basis.

Which categories will drive it?

The 2029 strategy names running, sneakers and apparel as the immediate growth pillars, with football and golf added alongside them.

The football push is already visible in contracts and hires. On signed a long-term deal with Kylian Mbappé, ending his 20-year partnership with Nike, and appointed former Arsenal player Thierry Henry as Director of Football.

Does the leadership change matter?

The UK results follow a leadership reshuffle in May, when co-founders David Allemann and Caspar Coppetti took over as Co-CEOs. The company framed the move as preparation for its next phase of global expansion.

For sourcing and supply-chain teams, the UK filing signals where volume is heading: apparel is compounding faster than footwear, football and golf categories are entering the mix, and direct-to-consumer retail capacity in London continues to scale alongside headcount.