Sneaker brand On lifts targets on demand

Outperforming estimates: Ben Shelton with the winners trophy after capturing the ATP tennis singles title in Toronto.. The American star is one of the high-profile players to sport both On apparel and footwear in competitions. — Reuters

ZURICH: On Holding AG is lifting its sales and earnings forecasts for the year after an unexpectedly strong second quarter that saw buyers in Europe and Asia snap up the Swiss sneaker-maker’s high-priced footwear.

The Roger Federer-backed company now sees revenue growing at least 31% on a constant currency basis this financial year, above analyst estimates and three percentage points higher than the previous target.