by Martina Fuchs
ST. GALLEN, Switzerland, May 9 (Xinhua) -- Swiss sportswear brand On expects to open dozens more stores in China over the next three years thanks to a "booming sports clothing market" and consumption power of the Chinese economy, its co-founder recently told Xinhua during the St. Gallen Symposium.
"China is our laboratory for retail expansion. We will open 40 more stores in China over the next three years," said Caspar Coppetti, co-founder and executive co-chairman at On.
"The businesses are very good for On in China. We're not seeing any reluctance on the consumer side. We've had tremendous growth in China last year and almost doubled the business. For example, in the fourth quarter last year, we grew 75 percent," added Coppetti.
On, founded in 2010, is a premium footwear, apparel and accessories company for high-performance running, outdoor, training, all-day activities and tennis.
After entering China in 2018, it is now in more than 60 countries globally and has over 2,500 employees.
The brand currently has 20 retail stores across China, employs 200 staff, and has its regional headquarters for Asia in Shanghai.
Coppetti, who has been On's executive co-chairman since 2021, also said the brand plans to open 100 retail stores worldwide.
"Now we're primarily in tier-one cities, but we're moving to second-tier cities as well. The shopping malls are now starting to reach out to us. Often they have a gym there as well and other premium and luxury brands. So it's a really good ecosystem," Coppetti said.
The St. Gallen Symposium is a leading global initiative for intergenerational dialogue on economic, political and social developments. This year's edition earlier in May was titled "Confronting Scarcity." ■
