Covid destroyed business as usual for most industries, and shoe stocks were no exception. Leather shoes fit for the office? No need for them during the pandemic. Those deliveries from manufacturers due on the docks a month ago? Still on a ship somewhere or at the factory, if the product had even been made yet.
“On’s rally is being driven by the brand’s strong momentum and product acceptance by consumers,” Cristina Fernandez, managing director and senior research analyst at Telsey Advisory Group, told IBD. “The shift toward casual during the pandemic has helped, but the growth has been really driven by innovation and On bringing to the market a new product,” Fernandez said. “Consumers were ready for something different.”
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