On Holding on Wednesday raised its annual revenue target for the third time this year after beating quarterly sales expectations, thanks to strong demand for its running shoes and sneakers despite price hikes.

Affluent consumers in the US, On's biggest market, continue to splash out on items such as Coach handbags and Birkenstock clogs, in contrast to a broader slowdown in spending from lower-income households.

"Customers did not slow down buying our products even though we did some price increases as of the 1st of July... We actually increased our share of full-price sales in the quarter," CEO Martin Hoffmann told Reuters in an interview, adding that On customers tend to be less sensitive to price increases.

On's Cloudmonster running shoe range starts at $170, while its Roger Pro t

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