Question · Q3 2025
Wendy Hugh asked for a breakdown of On's impressive triple-digit growth in APAC, specifically how much is driven by new store space versus same-store sales, and sought clarification on the considerations behind the Q4 mid-20s growth guidance, especially given challenging year-ago comparisons.
Answer
Martin Hoffmann (CEO and CFO) differentiated APAC markets, noting Japan has strong wholesale and careful retail expansion, while other regions like China are early in their journey, seeing massive same-store growth alongside disciplined new store openings. For Q4, he highlighted a strong start in October/November, robust Singles Day performance in China with full-price sales, and expected U.S. growth to be in line or slightly accelerated compared to Q3, emphasizing On's full-price holiday strategy.
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