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On Holding AG (NYSE:ONON) is reportedly set to establish its inaugural store in Hong Kong, joining a wave of brands seeking refuge from declining sales in China.
On Holding, endorsed by tennis icon Roger Federer, eyes a spacious site at H Queen’s in Central District, Hong Kong, according to a report from Bloomberg.
The monthly rent of HK$600,000, though double the previous rate, reflects a 30% drop from pre-pandemic levels, the report added.
On Holding already has about 22 stores in China and is looking for ways to expand in order to handle economic uncertainties.
Chinese economic uncertainties drive the brand’s expansion into Hong Kong, attracting other luxury labels.
Lower rents in Hong Kong entice premium brands after political unrest and pandemic restrictions, as per the report.
The company reported fourth-quarter FY23 sales growth of 21.9% year-on-year to CHF 447.1 million ($504.23 million), missing the analyst consensus estimate of $510.19 million.
Price Action: ONON shares are trading higher by 0.17% at $34.29 in premarket on the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Posted In: ONON
