Swiss sneaker brand On is thriving while competitors struggle. Sales up 25% to $995 million, with net income tripling to $178 million. Company plans to hit $3.76 billion in net sales by 2025 by marketing luxury shoes to high-end customers.

On has gained popularity with influencers and athletes, winning gold medals at World Athletics Championships and breaking records. The company refuses to offer discounts, setting itself apart from other shoemakers. Executives are focused on investing in new technology and designs for high-quality products.

Nike and Deckers face challenges as On succeeds. Nike expects sales to fall, while Deckers’ Hoka sales growth slows. On’s unique marketing strategy and luxury positioning have led to strong sales growth and loyal customer base. The company plans to continue investing in innovation and premium products.

Read more at Yahoo Finance: Upstart Swiss Athletics Brand Outshines Rivals by Treating Sneakers Like Birkin Bags