Running shoe company On grows and responds to criticism
Published: Tuesday, Mar 12th 2024, 15:20
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The Zurich-based running shoe company On is growing and growing. However, the company has also been repeatedly criticized recently. In particular, wages in Vietnam have become a controversial topic. Co-CEO Martin Hoffmann also attributes this to the increasing size of the Zurich-based global company.
"As a fast-growing company, we are under increasing scrutiny - that is a positive sign of success," Hoffmann said on Tuesday in a telephone conversation with the news agency AWP on the occasion of the annual figures from New York, where On is listed on the stock exchange.
"The issue of wages is important to us," Hoffmann continued. At the same time, however, he emphasized that the company already pays wages that are on average 40 percent higher than the statutory minimum wage. And when special benefits and overtime pay are added, the figure is 77 percent higher.
The figures correspond to information previously provided to the media. The Co-CEO did not want to answer the question of whether there would now be specific wage increases in Vietnam. However, the company is always looking at the situation and is in regular contact with the factories.
So far, the negative reports do not appear to have damaged the company's image. On continues to enjoy "very high demand", Hoffmann confirmed. This is also confirmed by the figures: in 2023, turnover rose by almost half to 1.79 billion Swiss francs. And the target is to double again by 2026.
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